At the start of trading, the international benchmark Brent crude rose by 28 cents, or about 0.4 percent, to $72.29 per barrel. During the same period, the US benchmark West Texas Intermediate (WTI) crude increased by 29 cents to $68.84 per barrel.
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Crude oil prices rise slightly in global market
According to market analysts, signs of normalizing oil supply conditions in the Middle East have reduced immediate pressure on the price market. However, investors remain cautious due to ongoing uncertainties surrounding the United States and Iran.
Meanwhile, US President Donald Trump has indicated that he will take tough measures if an agreement with Iran is not reached. Analysts believe his remarks have renewed fears of geopolitical risks.
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Market participants are now focused on US-Iran talks, the situation of ship movements through the Strait of Hormuz, and the continuity of oil exports from the Gulf region. Additionally, the trend in energy demand in China, the world's second-largest economy, is expected to play a significant role in international oil prices.
On the other hand, OPEC Plus has continued its policy of increasing production. The alliance plans to increase crude oil production by an additional 188,000 barrels per day starting in August. Moreover, the United Arab Emirates produced over 3.8 million barrels of crude oil per day in June, the highest in several years.