Crude oil prices rose further in the global market on Tuesday (August 18), as concerns over fuel supplies intensified amid growing uncertainty over the possibility of extending a ceasefire between Iran and the United States.
According to an Al Jazeera report, as of 6:03am Bangladesh time, the international benchmark Brent crude rose by 27 cents, or 0.3%, to $91.14 per barrel. Brent had already reached its highest level since late July during the previous trading session.
Meanwhile, the US benchmark West Texas Intermediate (WTI) rose by 42 cents to $85.04 per barrel. Earlier in the session, WTI had climbed more than 1% to a high of $85.37 per barrel.
Middle East Conflict Drives Oil Prices Higher
The latest increase in oil prices comes as prospects for an agreement to ease the ongoing regional conflict in the Middle East appear increasingly uncertain.
The situation has become more tense following Iran's announcement of a more aggressive military policy and the United States ruling out the possibility of extending a ceasefire.
Market participants are increasingly concerned that prolonged hostilities could disrupt oil production, transportation and regional energy supplies.
Key Oil Prices Benchmark Price Change Brent crude $91.14/barrel +$0.27 (0.3%) WTI crude $85.04/barrel +$0.42
If tensions continue to escalate, further disruptions to energy supplies could put additional upward pressure on global crude prices. For oil-importing countries such as Bangladesh, a sustained rise in international crude prices could also increase import costs, fuel prices and broader inflationary pressure.
