Oil prices are rising due to supply concerns

WASHINGTON (dpa-AFX) – Oil prices rose about 2 percent on Thursday after an escalation in geopolitical tensions raised the prospect of a possible disruption to crude oil supplies.

Benchmark Brent crude futures rose 1.9 percent to $76.35 a barrel in European trading, while WTI crude futures rose 2 percent to $72.19.

Oil prices rose about 5 percent this week after falling more than 7 percent the week before on worries about Chinese demand and worries about oversupply.

Tensions persist in the Middle East, with Israel launching attacks on the Syrian capital Damascus and a military site near the western city of Homs early Thursday, causing casualties.

Elsewhere, North Korea is said to have sent troops to support Russia’s war against Ukraine, marking a significant escalation in Russia’s war against its neighbor.

“If they are co-belligerents, if their intention is to engage in this war on behalf of Russia, then that is a very, very serious issue,” US Defense Secretary Lloyd Austin said.

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