Crude oil futures rallyed for the third day in a row on Tuesday after Israeli military heightened tensions in the Middle East.
Global benchmark Brent Futures (BZ = F) rose 1.1% to the top $71 per barrel, while US benchmark West Texas intermediate futures (CL = F) won 1.3% to surpass $68.
The overnight Israeli airstrike was paid for a nearly two-month ceasefire with Hamas. They also added to the risks already playing in the Middle Eastern risk after we attacked the Iran-backed Hooty group behind the attack in the Red Sea.
According to Bloomberg, the US concludes Iran by “around 1 million barrels per day, which could offset profits from OPEC,” according to ANZ Group Holdings analyst Daniel Hynes.
Oil is approaching its highest level in March, but prices still end up in quarterly losses as concerns about the impact of US tariffs on global economic growth and demand.
