Oil prices continued to rise, supported by a decline in US crude inventories and escalating geopolitical tension. Brent crude futures rose 0.22% to $89.12 per barrel, while West Texas Intermediate contracts rose 0.2% to $85.32 per barrel.

Multiple factors support higher oil prices, including:
● US crude oil inventories fell by 2.3 million barrels last week, exceeding analysts’ expectations.
● escalating geopolitical tension in Ukraine and the Middle East; Russia, which is among the world's three largest oil producers and one of the largest exporters of petroleum products, is facing Ukrainian attacks on oil refineries, and Russia has also attacked Ukraine's energy infrastructure.
● Reducing oil exports by Russia and Mexico.

These factors may lead to a continued rise in oil prices in the short term, and OPEC+ is scheduled to hold a meeting today to discuss production policy, but it is unlikely to be changed, while the direction of oil prices in the future will depend on developments in the factors mentioned above.

Therefore, oil prices rose, supported by the decline in US crude inventories and the escalation of geopolitical tension. Oil prices are likely to continue to rise in the short term, but their direction in the future will depend on developments in previous factors.