By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Middle East risks offset US demand concerns as oil prices firm – News
Share
Notification Show More
Latest News
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Middle East risks offset US demand concerns as oil prices firm – News
Business

Middle East risks offset US demand concerns as oil prices firm – News

News Room
Last updated: 2024/06/27 at 1:41 PM
News Room
Share
4 Min Read
SHARE

Oil prices saw a slight increase on Thursday as concerns over supply disruptions due to escalating geopolitical tensions in the Middle East overshadowed fears of decreased demand following a surprise increase in US stockpiles. Brent crude oil futures rose 0.82% to $85.95 a barrel, while US West Texas Intermediate crude futures gained 0.7% to $81.47. Both benchmarks had ended slightly higher the previous day. The US Energy Information Administration reported a 3.6 million barrel rise in crude oil stocks last week, contrary to analyst expectations of a 2.9 million barrel decrease. Gasoline stocks also increased by 2.7 million barrels, compared to a forecasted drawdown of 1 million barrels.

PVM Oil analyst John Evans expressed disappointment over the data, stating that the numbers were not in favor of bullish investors expecting a tightening of the market due to seasonal demand. However, he noted that rising geopolitical tensions in the Middle East, particularly in the Israel-Hamas conflict in Gaza potentially spreading to Lebanon, supported oil prices. The escalating tensions between Israel and Lebanon’s Hezbollah have raised concerns of a wider regional conflict involving major oil producer Iran. Analysts warn that if the conflict spreads, it could have a significant impact on crude oil supplies from the Middle East, affecting global oil prices.

The ongoing geopolitical risks in the Middle East have kept oil prices supported despite the increase in US stockpiles. While the unexpected rise in US crude oil and gasoline stocks was disappointing for investors, the escalating tensions in the region have provided a bullish sentiment in the market. The potential for a wider conflict involving major oil-producing countries such as Iran has heightened concerns about supply disruptions, keeping oil prices buoyed. The market will continue to monitor the situation in the Middle East for any developments that could impact oil supply and prices.

Investors are closely watching the developments in the Middle East, particularly the Israel-Hamas conflict in Gaza and the tensions between Israel and Lebanon’s Hezbollah. The risk of a broader regional conflict involving major oil-producing countries has raised concerns about potential disruptions to crude oil supplies. Analysts warn that any escalation in the conflict could lead to a significant impact on global oil prices and supply chains. The uncertainty surrounding the situation in the Middle East has added to the volatility in the oil market, with traders responding to geopolitical events in the region.

Despite the increase in US stockpiles, oil prices have been supported by geopolitical tensions in the Middle East. The ongoing conflicts in the region, including the Israel-Hamas conflict and the tensions between Israel and Hezbollah, have kept investors on edge. The potential for a wider conflict involving major oil-producing countries like Iran has raised concerns about supply disruptions and their impact on global oil prices. Traders will continue to monitor the situation in the Middle East for any developments that could affect oil supply and demand dynamics in the market.

In conclusion, oil prices rose slightly on Thursday due to escalating geopolitical tensions in the Middle East, which offset concerns about a surprise increase in US stockpiles. While the unexpected rise in crude oil and gasoline stocks was disappointing for investors, the ongoing conflicts in the region have supported oil prices. The potential for a broader conflict involving major oil-producing countries has raised concerns about supply disruptions and their impact on global oil prices. Traders will continue to closely monitor the situation in the Middle East for any developments that could affect oil supply and demand dynamics in the market.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room June 27, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article UAE Jobs: Etihad Airways to recruit hundreds of new employees in 2021
Next Article Two teenage swimmers from Dubai qualify for 2024 Paris Olympics – News
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?