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Global oil prices soared above $80 per barrel as Brent crude rose to $81.11 and WTI crude climbed to $77.11.
The increase marked the fourth consecutive week of gains, driven by tightening supply dynamics from OPEC+ production cuts.
Geopolitical tensions, including the Ukraine-Russia conflict, added complexity.
Concerns over rate hikes intensified as investors anticipate communications from central banks.
China’s response to its slowing economy also influences market sentiment.
Market volatility is expected to persist as central bank policies and geopolitical factors continue to shape oil prices.
Analysts foresee further upside potential, with an expected average price of $83 in Q3.
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