The price of crude oil rose in today’s trading; the price of Brent oil increased by 0.69% to $89.64, and West Texas Intermediate (WTI) rose by 0.61% to $84.10 per barrel.

The price increase comes as tensions between the United States and the Iranian government continue. However, the limited rise in oil prices suggests that the market still does not expect a widespread and immediate disruption to global oil supply or the closure of major energy transit routes, and is following regional developments cautiously.