Oil Prices Rise; Brent Hits $126.41 Factors Market Concerns

AI Summary

Oil prices increased with Brent crude reaching $126.41 a barrel before settling at $114.01. The July Brent futures contract rose 1.11% to $111.63, while U.S. West Texas Intermediate futures for June gained 0.45% to $105.54. This rise follows the White House’s indication that a ceasefire had effectively terminated hostilities under the War Powers Resolution. The conflict's dynamics may influence future oil supply and prices as concerns about military actions in Iran persist.