Reported 2 months ago
Oil prices rose over $1 on August 5, 2024, driven by fears that escalating conflicts in the Middle East could disrupt supply. Brent crude futures increased by 1.6% to $77.55 a barrel, while U.S. West Texas Intermediate crude climbed 1.9% to $74.29. This surge comes despite concerns about a potential U.S. recession affecting demand, as traders react to the threat of Iranian retaliation following the assassination of a Hamas leader, raising fears of broader regional conflict.
Source: YAHOO