Crude Oil Gains Due To Concerns About Escalating Middle East Tensions.
Crude oil eked out a modest gain of 0.05%, settling at 6084, driven by concerns over escalating tensions in the Middle East, which raised apprehensions about potential disruptions to oil supply from the region.
Despite these concerns, oil prices continued to recover from last week’s losses, with no immediate disruptions reported. The geopolitical tensions in the Middle East remained a focal point for market participants. However, the market faced headwinds from fading expectations of immediate interest rate cuts by the U.S. Federal Reserve, contributing to a cautious global demand outlook.