Middle East Turmoil Drives Weekly Oil Price Gain Despite Stubborn Inflation

Crude oil futures are on track for a weekly gain as tensions in the Middle East overshadow concerns about stubborn inflation in the U.S. and a murky demand outlook. Simmering conflicts between Israel and Lebanon, along with ongoing Gaza offensive, have raised fears of broader regional instability. Despite higher-than-expected inflation data, the market remains focused on geopolitical risks, with speculative traders driving oil prices higher. Divergent forecasts from the International Energy Agency and OPEC regarding global oil demand further contribute to market uncertainty.