Geopolitical tensions persist, international oil prices resume their upward trend.

Due to the bleak prospects for peace between Russia and Ukraine, oil prices continue to rise. After the ADP report showed a decline in hiring last month, WTI futures briefly lost momentum, but have since regained upward momentum. "Overall, the oil market is still in a tug-of-war phase," XMArabia analyst Nadir Belbalka pointed out. He believes that geopolitical tensions and OPEC production quotas help limit supply and push prices higher, "while demand concerns and macroeconomic uncertainty are hindering sustained breakthroughs in oil prices." Belbalka said that if the current situation persists, "oil is likely to remain range-bound with a slight upward bias."