How are current geopolitical tensions affecting global oil prices?

Current geopolitical tensions are exerting upward pressure on global oil prices. Conflicts in key oil-producing regions, such as the Middle East and Eastern Europe, have disrupted supply chains and heightened concerns over future availability. These uncertainties drive market volatility and speculative trading, contributing to price spikes. Additionally, sanctions on major exporters and instability near critical maritime routes, like the Strait of Hormuz, are increasing transportation risks and costs. As a result, traders and energy markets are pricing in potential supply disruptions, leading to increased crude oil benchmarks. The cumulative impact of these factors is keeping oil prices elevated amid global economic concerns.