Oil Prices Surge 2% on Supply Disruption Fears, Chinese Demand Optimism

Yesterday, oil prices surged over two percent driven by concerns over potential supply disruptions in the West Asia following the recent attack on a container ship in the Red Sea. Additionally, optimism surrounding Chinese demand also contributed to the upward momentum in



prices.

In intra-day trade, Brent crude was trading 2.20 percent higher at 78 dollars and 75 cents per barrel, while U.S. West Texas Intermediate crude was also trading 2.20 percent up at 73 dollars and 24 cents per barrel when reports last came in.