Overview

• Oil prices jumped around 4% after Iran launched a missile attack on Israel, raising fears of supply disruptions.
• Despite the Middle East conflict, oil prices have been pressured by weak demand growth, especially from China, and the prospect of increased supply from OPEC+.
• Brent crude futures rose to $74.21 a barrel, while U.S. West Texas Intermediate crude climbed to $70.58, though both benchmarks have seen significant declines over the past quarter.
• Analysts note that the current geopolitical tensions have not yet resulted in major physical supply disruptions, keeping prices relatively stable.
• OPEC+ is expected to increase output by 180,000 barrels per day starting in December, adding to the market's supply outlook.