Oil Prices Climb as Middle East Tensions Escalate Before OPEC+ Meeting

Oil prices rose amid escalating geopolitical tensions in the Middle East, with Brent crude trading above $83 a barrel and West Texas Intermediate above $79. The increase follows reports of an attack on a Greek-managed vessel in the Red Sea and Israeli tanks entering Rafah in Gaza. Despite OPEC+ maintaining output cuts, oil prices have dipped since April due to weakening Asian demand. Analysts highlight ongoing geopolitical risks, inventory drawdowns, and OPEC’s stance on curbs as factors supporting oil prices.