Oil Prices Rise on Supply Concerns and Geopolitical Tensions

Oil prices extend gains as supply worries persist. The IEA revised its forecast, predicting a global oil shortage this year due to rising demand and disruptions to Russian output from Ukrainian attacks.

Brent crude surpassed $85 per barrel, with concerns amplified by ongoing conflict in the Middle East. The market awaits the Fed meeting and industry insights from CERAWeek in Houston.