Tuesday saw a stabilization of crude oil prices globally following a prolonged fall that began last week. Due to a decline in demand and escalating tensions in the Middle East, crude oil dropped below $80.
Brent oil futures were steady at $78 a barrel earlier today following a 0.9% increase in the previous session, with investors keeping a tight eye on US Secretary of State Antony Blinken’s Middle East tour.
In order to avert an Israeli attack on Rafah, Palestinians are actively negotiating a ceasefire; nevertheless, Hamas militants need more guarantees before agreeing to a ceasefire.
The US administration is acting against the Houthis in Yemen who are backed by Iran at the same time.
Additionally, global demand is impacted by diminishing expectations of imminent interest rate reductions from the US Federal Reserve, coupled with ongoing concerns surrounding China’s economic.
