The price of Texas Intermediate Petroleum (WTI) increased by 1.66 % on Wednesday, reaching $ 63.67 a barrel. The rise was fueled by geopolitical tensions in Eastern Europe, despite an unexpected increase in commercial reserves of US oil.

At the close of trading on the New York Mercantile Stock Exchange, WTI futures contracts for October delivery added $ 1.04 compared to the previous session.

market analysts suggest the price increase is largely due to the reported violation of Polish airspace by approximately twenty Russian drones. According to reports, Poland detected and neutralized the drones, marking a significant escalation between Russia and NATO since the beginning of the Ukraine War.

The Polish army, supported by allies including Netherlands, germany, and Italy, reportedly repelled the intrusion under the coordination of NATO air command. Poland and other European leaders have condemned the incident as an act of aggression.

Adding to the geopolitical pressures, reports indicate that US president, Donald Trump, has urged the European Union (EU) to impose 100 % tariffs on China and India for thier purchases of Russian oil, aiming to increase pressure on moscow.

Tensions were already heightened following a reported Israeli attack in Qatar targeting members of Hamas who were attending a meeting regarding a truce in Gaza.

The increase in US commercial oil reserves, which saw a rise of nearly 4 million barrels last week against expectations of a decrease, had a limiting effect on the price increase, suggesting potential weakness in demand.