Brent Crude Oil Nears 120 A Barrel

Oil Prices Rise on Strong Demand and Supply Disruptions

Brent Crude Oil Nears $120 a Barrel

Rising geopolitical tensions and concerns over supply shortages are driving up oil prices, with Brent crude oil nearing $120 a barrel.

Oil prices rose sharply Friday amid concerns over supply disruptions and strong demand. Brent crude oil, the global benchmark, was trading above $119 a barrel, and U.S. crude oil was trading above $115 a barrel.

The rise in oil prices comes amid concerns over supply disruptions due to the ongoing war in Ukraine and sanctions on Russia, one of the world's largest oil producers. The market is also worried about the impact of the COVID-19 pandemic on supply and demand.

Analysts believe that the oil market will remain volatile in the coming weeks as the situation in Ukraine continues to develop. They also point out that the Organization of the Petroleum Exporting Countries (OPEC) has been slow to increase production, which is keeping prices elevated.