Oil prices experienced an increase on Tuesday, supported by indications of potential demand improvement in China and the United States, the two largest oil-consuming nations in the world. There are also growing concerns about an escalating conflict in the Middle East, which could impact the region’s oil supply.
Brent futures for June delivery rose by 41 cents to reach $87.83 per barrel as of 0440 GMT. Similarly, U.S. West Texas Intermediate (WTI) crude futures for May increased by 41 cents to reach $84.12 per barrel. This follows the previous session’s highest closing price since October 27.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.