Geopolitical tensions escalate, with oil prices holding near eight-week highs

June 25 data from Jin10: From Yemen to Russia, the geopolitical tension is on the verge of breaking out, and oil prices are stable near the highest closing price in eight weeks. Brent crude futures prices are near $86 per barrel, closing at their strongest level since the end of April on Monday. The Houthi armed forces recently intensified their attacks on ships near Yemen, and according to BBC reports, Russia accused the United States of launching missile attacks on Crimea and warned it to bear the “consequences.” Another bullish factor is the tight supply in the coming months. The IEA said in a report released earlier this month that the global market will face a supply shortage in the next quarter. Analyst John Evans said that the bullish sentiment currently driving the rise in oil prices seems likely to continue, as conflict areas not only continue to engage in firefights, but also make opposing statements.