Baghdad: Oil prices rose after Ukraine attacked a key Russian oil port and Iran seized a tanker near the Strait of Hormuz, injecting a new price premium due to geopolitical risks. West Texas Intermediate crude jumped 2.4% to settle above $60, while Brent crude climbed about 2.2% to surpass $64. According to National Iraqi News Agency, the recent developments have sparked concerns over potential disruptions in the global oil supply chain. The attack on the Russian oil port by Ukraine has heightened tensions in the region, raising fears of further clashes that could impact oil production and distribution channels. Simultaneously, Iran's seizure of a tanker near the strategically critical Strait of Hormuz has added another layer of uncertainty. The Strait is one of the world's most significant chokepoints for oil transit, and any threat to its operations can cause significant volatility in global oil markets. These geopolitical events have compounded existing market anxieties, leading to the observed rise in oil prices. Traders and analysts are closely monitoring the situation, as any escalation could further influence oil market dynamics and global energy security.