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Israeli Defense Forces

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oil prices rise amid falling inventories and geopolitical tensions in the middle east

Crude oil prices have rebounded, with WTI Light Crude rising 2.80% to $68.95 and Brent crude up 2.70% to $72.60, driven by unexpected declines in U.S. inventories. However, escalating tensions in the Middle East, particularly involving Iran, could significantly impact prices, potentially pushing them above $87.50 if conflict intensifies. Conversely, easing tensions may lead to a bearish trend, with WTI expected to test support at $64.80.
IG
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17:25 30.10.2024
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