Overview

• Oil prices reach weekly gains over 4% as Middle East tensions escalate, particularly between Israel and Iran.
• Israel closes 28 embassies worldwide in anticipation of retaliatory strikes from Iran following a missile strike on its consulate in Damascus.
• Geopolitical tensions contribute to a rally in oil prices, with Brent crude surpassing $90 a barrel.
• OPEC+ maintains supply cuts, while ongoing conflicts and geopolitical risks heighten concerns over supply tightness.
• Global oil demand growth and economic improvement support the upward trajectory in oil prices.