Middle East tensions drive oil price fluctuations
Oil prices fluctuated as concerns mounted over the Israel-Hamas conflict potentially sparking a wider conflict in the oil-rich Middle East region and tightening global oil supply. Brent crude futures briefly rose to $91.2 a barrel, while West Texas Intermediate briefly rose to $87.98 a barrel. Analysts expect oil prices to hit $100 a barrel in the short term due to the growing risk of regional escalation. The ongoing conflict could further impact global oil supply by reducing the probability of Saudi-Israeli normalization and posing downside risks to Iranian oil production.