Middle East Tensions Push Global Oil Prices Higher

Oil prices climbed again in international markets on Thursday as concerns grew over prolonged supply disruptions from the Middle East. Market anxiety intensified after ceasefire negotiations involving the United States, Israel, and Iran reached a stalemate.

Brent crude futures for June delivery rose $1.91 (1.62%) to $119.94 a barrel by 12:57 GMT. This marks the ninth consecutive day of gains for the contract, following a 6.1% surge in the previous session. The more actively traded July contract also saw an increase, rising 94 cents to $111.38.

In the United States, West Texas Intermediate (WTI) June futures rose 63 cents (0.59%) to $107.51 a barrel. WTI has now trended upward in eight of the last nine sessions, bolstered by a 7% jump earlier in the week.

Analysts suggest that as long as diplomatic efforts remain stalled, the "risk premium" on crude will stay high, reflecting fears that the conflict could directly impact regional production hubs.