Oil Prices Rise as Russia-Ukraine War Escalates With Long-Range Missile Strikes

Geopolitical tensions overshadow rising U.S. crude inventories and OPEC+ discussions on production adjustments.

Oil prices increased on Thursday following missile exchanges between Russia and Ukraine, with Brent crude reaching $73.77 and WTI crude climbing to $69.74.
Ukraine's use of British and U.S. missiles to strike Russian territory marked a significant escalation in the conflict, prompting concerns over potential impacts on energy infrastructure.
Russia responded with an intercontinental ballistic missile launch, raising fears of further supply disruptions from one of the world's largest oil producers.
U.S. crude inventories rose by 545,000 barrels last week, surpassing expectations, while gasoline and distillate stockpiles showed mixed changes, according to the Energy Information Administration.
OPEC+ may delay planned production increases during its December 1 meeting, citing weak global demand, particularly from China, and rising output outside the group.