Crude Oil Prices Rise to Two-Month High on Supply Concerns

Crude oil prices have reached their highest level in two months as supply disruptions linked to the conflicts in Iran and Ukraine push buyers to find alternative sources.

Physical crude oil cargo prices in the Middle East, Europe and Africa rose this week, with some prices reaching close to $110 per barrel.

The rise has been driven by concerns over supply disruptions caused by the wars in Iran and Ukraine. Buyers are competing to secure oil from alternative sources for immediate deliveries.

Dated Brent, a global oil benchmark used to price more than 60% of physical crude oil cargoes worldwide, reached $105.70 per barrel, according to LSEG data.

It was the highest level since the end of May and the first time since early June that the price crossed the $100 per barrel mark.