Overview

• 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.