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Crude oil gains on concerns about potential trade and supply disruptions in the Middle East.
Crude oil experienced a 0.85% uptick yesterday, settling at 6081, primarily driven by concerns over potential trade and supply disruptions in the Middle East. Tensions in the region escalated as the U.S. announced plans for further military action against Iran-backed groups, heightening geopolitical uncertainties. The fear of supply disruptions, coupled with fading expectations of immediate interest rate cuts by the U.S. Federal Reserve and lingering worries about China’s economic recovery, weighed on the global demand outlook.