The oil prices They rebounded on Tuesday, recouping some of the previous session’s losses, as rising tensions in Eastern Europe and the Middle East raised concerns about potential supply disruptions in an already tight market.
crude oil futures Brent They were up $1.21, or 1.5%, at $87.52 a barrel, reversing a 1.8% drop a day earlier. The futures of West Texas Intermediate (WTI) gained $1.11, or 1.3%, at $85.42, after falling 2.2% on Monday.
Global stocks, which typically move in lockstep with oil, are on track for their biggest monthly decline since the pandemic hit markets in March 2020.
Both WTI and Brent, which hit seven-year highs last week, are headed for monthly gains of more than 12 percent.
Before an expected decision of the Federal Reserve on interest rates on Wednesday, where a hike could weigh on prices, geopolitical risks involving oil and gas producer Russia have underpinned prices.
NATO said on Monday it would put forces on standby and reinforce eastern Europe with more warships and fighter jets, in what Moscow criticized as Western “hysteria” in response to a Russian troop surge along the Ukraine border.
In the Middle East, Yemen’s Iran-aligned Houthi movement launched a missile attack on the United Arab Emirates on Monday that targeted a base housing the US military but was thwarted by US-made Patriots interceptors, officials said. Washington and Emiratis.
The group OPEC+, which brings together the Organization of Petroleum Exporting Countries with Russia and other producers, it is struggling to meet its 400,000-barrel-per-day (bpd) monthly output increase target.