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Oil prices climb to two-week high on geopolitical tensions
Business World Philippines
|June 05, 2025
Oil prices climbed about 2% on Tuesday to a two-week high as persistent geopolitical tensions between Russia and Ukraine, and the US and Iran looked set to keep sanctions on both OPEC+ members Russia and Iran in place for longer.
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Brent crude futures rose $1, or 1.5%, to settle at $65.63 a barrel, while US West Texas Intermediate (WTI) crude rose 89 cents, or 1.4%, to close at $63.41.
“Risk premium has ramped up this week as the prospect of a Russia/Ukraine ceasefire as well as an Iranian nuclear deal now appear to have been pushed back for weeks if not months,” analysts at energy advisory firm Ritterbusch and Associates said in a note.
Russia said work on trying to reach a settlement to end the war in Ukraine was extraordinarily complex and that it would be wrong to expect any imminent decisions but that it was waiting for Ukrainian reaction to its proposals.
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