Oil prices have surged significantly due to escalating tensions in the Middle East, particularly following recent clashes between Israel and Hezbollah.
Oil prices have surged significantly due to escalating tensions in the Middle East, particularly following recent clashes between Israel and Hezbollah. The price of Brent crude, the global benchmark, increased by over 3%, reaching more than $81 per barrel. This surge in oil prices is driven by fears of a broader conflict in the region, as well as disruptions in oil production in Libya, where the eastern-based administration has shut down oil fields and suspended all exports due to internal political tensions.
Additionally, the financial markets have been reacting to these developments alongside expectations of an upcoming interest rate cut by the U.S. Federal Reserve. While the Dow Jones showed slight gains, the S&P 500 and Nasdaq saw declines, with investors cautious amid the ongoing geopolitical and economic uncertainties.
