Oil Prices Climb Amid Middle East Tensions and Slower U.S. Production Growth

As geopolitical tensions escalate and U.S. production growth slows, oil markets respond with a fourth consecutive day of price increases.

Oil prices rise for the fourth consecutive day, influenced by the killing of a militant commander in Iraq, Israel's rejection of a Hamas ceasefire proposal, and ongoing Gaza peace talks.
U.S. crude production is expected to grow more slowly than previously forecasted, with the Energy Information Administration cutting its 2024 output growth estimate.
The U.S. Energy Department reports a significant drawdown in gasoline stocks, indicating stronger demand for crude.
Geopolitical tensions in the Middle East, including attacks on shipping in the Red Sea, continue to keep the market on edge.
U.S. Secretary of State Antony Blinken is engaged in diplomatic efforts to secure a ceasefire in Gaza, amid slim progress in peace talks.