London: Oil prices have exceeded $97 in commodity markets, APA-Economics reports. The recent surge in oil prices has been a significant development in the global markets, driven by a combination of geopolitical tensions and supply concerns.

According to Azeri-Press News Agency, the price of West Texas Intermediate (WTI) crude oil for July delivery on the New York NYMEX commodity exchange saw an increase of 1.30%, or $1.22, reaching $94.98 per barrel. Simultaneously, Brent crude oil for August delivery on the London ICE exchange experienced a rise of 1.14%, or $1.09, reaching $97.09 per barrel.

The upward trend in oil prices is primarily attributed to the renewed tensions between the United States and Iran. These tensions have heightened the risks to energy supplies in the Middle East, causing investor concerns regarding potential supply constraints. The ongoing geopolitical dynamics in the region continue to play a crucial role in shaping the energy market landscape.