Reported 12 months ago
Oil prices traded close to a two-month high due to escalating tensions in the Middle East and worries about the Atlantic hurricane season. Brent crude neared $87 a barrel with a 1.9% increase, while West Texas Intermediate stood above $83. Israel reported 18 soldiers injured in a drone attack by Hezbollah, and Hurricane Beryl made landfall as a category 4 storm, sparking concerns of a severe hurricane season. Oil prices have been supported by controlled supply from OPEC+ and increased travel in the summer, though concerns about China's slow recovery could limit price gains. Crude futures trading has boosted implied volatility, with traders monitoring Thursday's US Independence Day for gasoline demand and focusing on bullish timespreads.
Source: YAHOO