Oil Prices Rise Amid Middle East Tensions and U.S. Demand Surge

Geopolitical risks and unexpected U.S. inventory drawdowns drive oil market volatility as OPEC+ considers delaying production increases.

Oil prices increased as traders reacted to reports of potential Iranian retaliation against Israel and ongoing Middle East conflicts.
U.S. crude and gasoline inventories fell unexpectedly, indicating stronger-than-anticipated fuel demand and contributing to price gains.
OPEC+ is contemplating delaying a planned output increase in December, with a decision expected soon, adding to market uncertainty.
Despite recent price fluctuations, analysts express concerns over potential prolonged Middle East hostilities without immediate resolution.
Upcoming U.S. elections and China's economic measures are also influencing market dynamics, with traders closely monitoring these developments.