Oil surges on Wednesday

Oil prices surged following another attack on a ship in the Red Sea, escalating tensions in the Middle East just before an OPEC+ gathering, as reported by Bloomberg.

Brent futures surged past $84, while West Texas Intermediate (WTI) hovered near $80.

OPEC+ is expected to prolong production cuts. Additionally, geopolitical unrest in the Red Sea and the persistent Israeli aggression in Rafah, Palestine, cast a shadow over the market, though substantial price gains necessitate supply disruptions.

In the United States, Federal Reserve policymakers are anticipated to maintain interest rates at their upcoming meeting.