Oil prices rose significantly after falling by about 3%, as investors anxiously follow the developments of political events in the United States and their impact on the global market, in addition to the worsening forest fire crisis in Canada, which threatens oil production there.

The price of Brent crude rose to about $83 per barrel, recording its largest daily rise since early June, while the price of West Texas Intermediate crude exceeded $80, reflecting the state of tension and turmoil in the markets.

This rise came after 81-year-old President Joe Biden announced his withdrawal from the presidential race for a second term in a surprising move, as this decision sparked widespread reactions and led to a decline in the US dollar in early Asian trading, which supported commodities priced in dollars and increased market volatility.

An intense heat wave in Alberta, Canada, caused massive forest fires, threatening about 348,000 barrels per day of oil production.

According to data from Alberta Wildfire and the Alberta Energy Regulator, these fires could reduce supplies and raise prices further.

In the midst of these developments, markets remain alert to any developments that may affect the stability of oil prices and the balance of global supply and demand.