Oil Prices Surge Amid Russian Supply Concerns

Oil prices are rising on September 2 morning as markets react to concerns over the stability of Russian crude supplies.

November Brent crude futures on the London ICE Futures exchange were trading at $68.43 per barrel, up $0.28 (0.41 per cent) from the previous session’s close, The Caspian Post reports via Russian media.

These contracts increased by $0.67 (1 per cent) to $68.15 per barrel.

Meanwhile, October WTI crude futures on the New York Mercantile Exchange (NYMEX) rose $0.90 (1.41 per cent), reaching $64.91 per barrel. NYMEX’s main trading session did not take place on September 1 due to a US holiday.

Analysts say that ongoing geopolitical uncertainties and potential disruptions in Russian oil supplies are driving investor caution, supporting higher crude prices in early trading.