Oil prices are on track for a second consecutive weekly gain, buoyed by Brent crude surpassing the $91 mark, signaling robust demand and ongoing supply disruptions. The surge in prices comes amid escalating geopolitical tensions and supply constraints, underscoring concerns about global energy security.

Brent crude, the international benchmark for oil prices, climbed above $91 per barrel, reaching its highest level since 2014. This milestone reflects a 50% increase in Brent prices since the beginning of the year, fueled by tightening global supply and strong demand projections.

Several factors have contributed to the bullish sentiment in the oil market. Ongoing geopolitical tensions, particularly in key oil-producing regions such as the Middle East and Eastern Europe, have raised concerns about potential disruptions to supply chains. Recent developments, including the conflict in Ukraine and the prospect of new sanctions on Russia, have added to market volatility and uncertainty.

Additionally, supply disruptions in several major oil-producing countries have further tightened the global supply-demand balance. Production outages in Libya, Nigeria, and Kazakhstan, coupled with production cuts by OPEC+ members, have constrained supply levels, exacerbating supply concerns.

The outlook for oil demand remains robust, supported by economic recovery and increasing mobility as countries continue to ease COVID-19 restrictions. Strong demand from major economies such as the United States and China, coupled with expectations of a rebound in air travel, has bolstered confidence in the oil market.

However, concerns persist about the sustainability of current price levels, with some analysts warning of potential headwinds ahead. Rising inflationary pressures, driven by higher energy costs, could dampen consumer spending and weigh on economic growth, potentially curbing oil demand.

Moreover, the possibility of a coordinated release of strategic oil reserves by major consuming countries to alleviate supply pressures remains a key factor to watch. Discussions among major oil-consuming nations, including the United States and European countries, regarding a potential release of strategic reserves have added to market speculation and volatility.

In the coming weeks, market participants will closely monitor developments surrounding geopolitical tensions, supply disruptions, and demand dynamics for further insights into the trajectory of oil prices. Amidst evolving market conditions, the resilience of oil prices will depend on the delicate balance between supply constraints, demand fundamentals, and geopolitical risks.