Oil Prices Fluctuate Amid Middle East Tensions and Demand Concerns

Market reacts to geopolitical risks and mixed demand forecasts from major agencies.

Oil prices rose early in the week due to fears of an imminent Iranian attack on Israel, then fell as the threat appeared to recede.
The International Energy Agency maintained its 2024 global oil demand growth forecast but reduced its 2025 estimate due to a weakened Chinese economy.
U.S. crude and gasoline inventories are reported to have fallen, indicating higher demand, while distillate stocks increased.
OPEC+ plans to raise output from October, potentially leading to a surplus if demand does not meet expectations.
Traders are also closely watching U.S. inflation data for indications of future economic activity and energy demand.