The Oil Market Is At The Whim Of Geopolitical Disputes

Oil prices have continued their early-year surge in the new year, thanks in large part to easing worries about omicron as well as tight oil and gas supplies amid growing geopolitical uncertainties. Front-month Brent reached USD 89.05 per barrel (bbl) in early trading on 19 January, the highest level since 13 October 2014. Brent settled at USD 87.51/bbl, a w/w increase of USD 3.79/bbl. WTI rose USD 4.21/bbl w/w to USD 85.43/bbl, while the value of the OPEC basket of crude oils rose by USD 5.95/bbl to USD 88.08/bbl and by EUR 5.52/bbl to EUR 77.77/bbl. …