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Oil prices up after global tensions mount; oversupply caps upticks
Business World Philippines
|September 12, 2025
Oil prices settled higher on Wednesday by more than $1 a barrel as investors worried about possible supply disruptions after Poland downed drones in its airspace and the US pushed for new sanctions on buyers of Russian oil the day after an Israeli attack in Qatar, but a report showing swelling US supplies capped gains.
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Brent crude futures settled up $1.10, or 1.7%, at $67.49 a barrel. US West Texas Intermediate (WTI) crude futures rose $1.04, or 1.7%, to settle at $63.67 a barrel.
Geopolitical tensions mounted when Poland shot down drones over its airspace during a widespread Russian attack in western Ukraine, the first shots by a member in the Russia-Ukraine war. On Tuesday, prices had settled 0.6% higher after Israel said it had attacked leadership of the Palestinian militant group Hamas in Doha. Both benchmarks rose nearly 2% shortly after the attack, then retraced most of those gains.
This story is from the September 12, 2025 edition of Business World Philippines.
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