Oil Prices Volatile Amid Middle East Tensions and Market Uncertainties

Assassination of Hamas leader raises conflict fears, while global supply and demand dynamics fluctuate

Oil prices initially surged but later fell as supply remained unaffected by geopolitical tensions.
Brent crude closed at $79.52 per barrel, while WTI settled at $76.31 per barrel.
Global demand concerns, particularly in China, are influencing market sentiment.
OPEC maintains current output policy, planning to phase out cuts starting October 2024.
U.S. crude stockpiles fell by 3.4 million barrels last week, driven by strong export demand.