Oil Prices Show Volatility Amid Middle East Tensions and Supply Concerns

Crude oil prices fluctuate as markets react to potential supply disruptions from Middle East conflicts and changing demand forecasts.

Oil prices could rise sharply if tensions between Israel and Iran escalate, potentially reaching $120 per barrel according to Citi's predictions.
Current market conditions see Brent crude trading around $74 per barrel, with recent slight increases following a drop in U.S. crude stockpiles.
Israel's decision to target military rather than oil facilities in Iran has eased immediate fears of supply disruptions, contributing to recent price stabilization.
Global oil demand forecasts have been downgraded by OPEC and the International Energy Agency, with China's economic slowdown being a significant factor.
Analysts are monitoring potential geopolitical developments and economic measures from China that could impact future oil prices.