Global Oil Prices Climb Amid Geopolitical Shifts and Supply Concerns

Tehran - BORNA - US crude oil futures rose by 2.29 dollars, or 2.62 percent, to reach 89.65 dollars per barrel. Concurrently, Brent futures also increased by 2.05 dollars, or 2.25 percent, reaching 93.17 dollars per barrel.

The Islamic Revolutionary Guard Corps (IRGC) announced in a statement: "Following an aggression an hour ago by the invading US military against a telecommunications tower on Sirik Island located in Hormozgan province, the warriors of the IRGC Aerospace Force targeted the airbase originating the aggression, and the envisioned targets were destroyed."

Concerns regarding the supply situation, stemming from the US's tension-inducing actions in southern Iran, overshadowed the weak weekend economic data from China that pointed to a halt in factory activities.

Harris Khurshid, Chief Investment Officer at Chicago-based Karobar Capital, stated: "Even after the recent drop, the price of oil is still trading at a relatively high level. This indicates that the market has not yet priced in calmness."

Based on a Reuters report, the American bank Goldman Sachs announced late Sunday that weak oil demand in China and Europe poses a major downside risk to the forecast of 90 dollars per barrel for Brent crude oil in the fourth quarter and the forecast of 83 dollars per barrel for US West Texas Intermediate crude oil; however, supply disruptions in the Middle East could still push prices higher.

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