ISLAMABAD: Crude oil prices gained traction on Thursday to snap a three-day losing streak amid rising geopolitical tensions. As of 1300 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.36 (+0.45 percent) to reach $80.91 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.34 (+0.45 percent) to $76.19 a barrel. Oil prices posted the first monthly gain in January since September as the US and Iran stand on the brink of a more direct confrontation in the Middle East. WTI and Brent rose 5.86 percent and 6.06 percent in January. Both Brent and WTI ended the last week higher by 6.35 percent and 6.27 percent, respectively. Brent rose to $83.55 a barrel from $78.56 a barrel last week, while WTI closed the week higher to $78.01 from $73.41 a barrel. Both benchmarks shed more than 10 percent in 2023 on a year-on-year basis. TLTP
