Geopolitical Tensions Drive Oil Prices Lower

Oil prices fell in early Asian trade after Israel concluded strikes in southern Gaza, easing concerns about Middle East supply disruptions. Geopolitical risks and potential oil supply disruptions had pushed prices up by about 6% last week. Concerns about logistics disruptions in the Red Sea and increased U.S. energy production were also factors. Demand concerns persisted due to a Federal Reserve official's comments on interest rates. Trading in Asia is expected to be thin due to holidays.