Oil prices rise on fears of supply disruptions from Iran amid protests

Oil prices rose this morning, with traders focusing on the possibility of a reduction in crude supplies from Iran amid protests in the country, Report informs referring to trading data.

The price of March Brent crude futures rose 0.09% from the previous close, to $63.40 per barrel, while March WTI futures rose 0.08% to $58.99.

Investors are assessing the impact of protests in Iran, the fourth-largest oil producer in OPEC+, on oil supplies.

According to Bloomberg analysts, the protests may reduce Iranian oil exports by nearly 2 million barrels per day. This eases concerns about global oversupply, which had previously triggered a price decline and made investors more pessimistic.