Concerns regarding crude supplies as well as the geopolitical tensions in the Middle East led to a surge in the global oil prices by more than 2%, Reuters reported.

The Organization of Petroleum Exporting Countries (OPEC) output cuts and US sanctions on Iran and Venezuela resulted in Brent crude prices rising by around 29% year-to-date. The global benchmark futures settled on May 27 at $70.11, rising by 2.07% after declining by about 4.5% in the previous week.

Moreover, the international oil market is expected to balance by the end of 2019, however, OPEC will continue its efforts to stabilize the market, according to Kuwaiti Oil Minister Khaled Al-Fadhel. “We still have some more work to do. I believe the market is expected to be balanced during the 2nd half of 2019, more towards the end of the year,” Al-Fadhel previously told Reuters.