Global Oil Prices Continue to Rise Due to Middle East Tensions and US Data

Global oil prices rose for five consecutive sessions on Monday (12/8), extending the increase of more than three percent in the previous week as US recession fears eased and data on Middle East supply risks supported demand. Brent crude futures LCOc1 were up 88 cents, or 1.1 percent, at $80.54 a barrel by 1319 GMT, while West Texas Intermediate (WTI) crude futures CLc1 were up $1.06, or 1.38 percent, at $77.90. “Support came from better-than-expected US data last week, which eased fears of a US recession,” said IG market analyst Tony Sycamore. “There is also a lot of anxiety about when Iran will retaliate for Israel's killing of key Hamas and Hezbollah leaders. It feels like it's a matter of when, not if.” Iran and Hezbollah have vowed to retaliate for the killing of Hamas leader Ismail Haniyeh and Hezbollah military commander Fuad Shukr. “The market is still waiting for Iran's response,” said Warren Patterson, head of commodity research at ING. In addition, Israeli attacks on Gaza escalated on Saturday when an airstrike on a school compound killed at least 90 people, according to Gaza's Civil Emergency Services, although Israel said the death toll was exaggerated. Hamas expressed doubts about …

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Global Oil Prices Continue to Rise Due to Middle East Tensions and US Data

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