Reported 4 months ago
Oil prices rose more than 2% to surpass $79 per barrel following a recent selloff, driven by heightened geopolitical tensions, including a vessel attack in the Red Sea and Israeli military actions in Gaza. Concerns over disruptions in Middle East crude flows have been raised, while OPEC+ is expected to maintain production cuts at their upcoming meeting. Despite ongoing conflicts, crude supply from the region remains steady, with market focus shifting to US fuel demand post-Memorial Day.
Source: YAHOO