Oil prices climb above $89 as supply risks linger amid Middle East tensions

Brent crude rose 1.2% to $89.30 per barrel on renewed geopolitical tensions and slower U.S. inventory builds. Traders cited disruptions in the Red Sea corridor and tightening OPEC supply as key drivers. Analysts expect prices to remain range-bound between $86 and $91 in the short term. The gains lifted energy equities globally, though broader markets stayed cautious ahead of next week’s U.S. inflation data and bond yield movements.