Crude oil prices for front-month deliveries rose on Tuesday as the latest geopolitical developments spurred market investors’ concerns.
Namely, Spain, Ireland, and Norway officially recognized Palestine as a state, provoking Israel’s strong backlash. Additionally, Al Jazeera reported that the latest Israeli attack on Rafah left at least 21 persons killed and 64 wounded.
West Texas Intermediate (WTI) for July contracts surged 1.40% to $79.77 per barrel at 1:04 pm ET. At the same time, Brent for July deliveries jumped 1.32% to $84.14 per barrel.