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Oil prices surge as Middle East tensions rise and U.S. rate cut prospects increase

Oil prices continued to climb as escalating tensions in the Middle East sparked fears of disruptions in regional oil supplies. The conflict, centered on Gaza, saw an escalation over the weekend as Hezbollah launched hundreds of rockets and drones into Israel. In response, Israel’s military conducted a pre-emptive strike on Lebanon using around 100 jets, aiming to thwart a larger attack.This confrontation, one of the most intense in over ten months of border warfare, has raised concerns about a broader regional conflict that could potentially involve Iran and the United States. Read more to find out why oil prices are rising.

why oil prices are rising

Disclaimer:

Despite the recent gains, oil prices remain under pressure from a broader pessimistic outlook on major economies, which weighed on fuel demand. The U.S. Energy Department’s recent purchase to replenish the Strategic Petroleum Reserve suggests a cautious approach to managing supply risks in the current geopolitical climate. Traders are advised to prioritize proper risk management to make well-informed trading decisions.

Publication date:

2024-09-02 14:59:41 (GMT)

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