Energy Bangla

Global oil prices have increased further in the international market.
Brent crude rose by 0.7%, or 58 cents, to US$85.31 per barrel. At the same time, the price of U.S. West Texas Intermediate (WTI) crude increased by 0.4%, or 35 cents, to US$79.69 per barrel.
Earlier, on Tuesday, oil prices had climbed by around 2%, reaching their highest level in a month amid concerns over potential supply disruptions through the Strait of Hormuz.
According to market analysts, the future direction of oil prices will largely depend on how tensions between Iran and the United States evolve. Although global oil supplies remain adequate, any escalation of conflict around the Strait of Hormuz or the imposition of new sanctions on Iranian oil exports could quickly tighten the market and push prices higher.