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Oil Prices Rise on Middle East Supply Risks and Escalating Conflict

Oil markets opened the week with prices edging higher as concerns grew over potential supply disruptions from the Middle East after Israel intensified its attacks on Iranian-backed forces. Brent crude oil (Symbol: UKOUSD) rose, while U.S. West Texas Intermediate (WTI) (Symbol: USOUSD) traded strongly early trading. Looking on Brent’s performance in the charts, the US crude price showing an attempt to recover after last week’s declines. The price briefly tested the key resistance level of 70.00 but failed to sustain momentum, pulling back to current levels. This has come after a notable drop in Brent and WTI prices due to concerns over weakening demand in China last week. Read more to find out why oil prices are rising.

why oil prices are rising

Disclaimer:

In the near term, traders are expected to closely monitor the Middle East situation, as any further escalation could lead to volatile price swings. While geopolitical risks favour bullish sentiment, especially with Iran potentially entering the conflict, concerns about global demand remain a counterbalance. Traders are advised to prioritize proper risk management to make well-informed trading decisions.

Publication date:

2024-10-01 21:13:14 (GMT)

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