WTI crude oil prices are rebounding by nearly 1.60% today as tensions in the Middle East resurface. The conflict between Israel and Hamas continues, and in recent days, relations between the U.S. and Iran have also escalated.
- At least 250 Palestinians were killed in renewed Israeli airstrikes on Gaza overnight. The attacks are ongoing. Israeli Prime Minister Benjamin Netanyahu stated that the operation was conducted “to achieve the war objectives set by political leaders, including the release of all hostages.” Hamas described the attack as a “blatant violation of all international and humanitarian conventions.”
Meanwhile, U.S. President Donald Trump declared that he would hold Iran directly accountable for any future attacks by Tehran-backed Houthi rebels in Yemen, who have targeted American and other foreign ships in the Red Sea. Since the Houthis did not comply with warnings, U.S. military strikes against Yemeni Houthis have continued.
Oil prices are also being supported by better-than-expected economic data from the Chinese economy, boosting hopes for increased demand and a decline in the value of the U.S. dollar.
Price Action
OIL.WTI is rebounding today from an important support level below $68 per barrel.
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