Conflicts around Venezuela have increased oil prices

Oil prices rose on Tuesday. This was reported by Zamin.uz.

This situation is said to be related to the US stopping an oil tanker near the coast of Venezuela. This event intensified uncertainty in oil supply, causing prices to rise in the market.

Specifically, Brent crude oil reached $60.93 per barrel, while the US West Texas Intermediate (WTI) oil was at $56.98 per barrel. Market experts associate the price increase with several factors.

The US taking strict measures against Venezuelan oil trade and the conflicts between Russia and Ukraine are further complicating the market situation. These factors are noted to be supporting oil prices.

Additionally, it was reported that US military forces are monitoring another oil tanker near Venezuela. If this monitoring is successful, it will be the third such operation in the last two weeks.

Last week, Brent and WTI prices had decreased by about 1 percent. Furthermore, a drone attack on a Russian ship in Ukraine, as well as negotiations between the US, Europe, and Ukraine, are also affecting the oil market.

Experts predict that these events may change the balance in the global oil market and drive prices higher.