Oil prices rose on Wednesday as supply concerns persisted following a winter storm that disrupted U.S. crude oil production and exports. Geopolitical tensions in the Middle East also provided additional support to prices.
The storm is estimated to have disrupted around 2 million barrels per day of U.S. oil production, while crude oil and LNG exports from the U.S. Gulf Coast were temporarily halted. At the same time, production losses in Kazakhstan further supported prices, although analysts warned that selling pressure could return once supply conditions stabilize.
