Reported 3 months ago
Oil prices increased significantly as tensions in the Middle East intensified after the killing of Hamas leader Ismail Haniyeh by Israel, raising concerns about potential disruptions in crude production and transport in the region which supplies about a third of the world's oil. Brent crude approached $80 per barrel while West Texas Intermediate reached around $76. The ongoing conflict, coupled with a decrease in U.S. crude inventories, has kept traders on alert for further price fluctuations amidst a generally subdued global demand.
Source: YAHOO