Oil prices continued to rise on Monday, driven by concerns that the Gaza conflict could escalate and disrupt regional oil supplies, while the prospect of imminent U.S. interest rate cuts also supported a more optimistic global economic outlook, boosting fuel demand.

By 2300 GMT, Brent crude futures increased by 37 cents, or 0.5%, to $79.39 a barrel. Meanwhile, U.S. crude futures were up 36 cents, or 0.5%, at $75.19 a barrel.

One of the most intense clashes in over 10 months of border warfare occurred on Sunday, with Hezbollah launching hundreds of rockets and drones into Israel. In response, Israel’s military reported that approximately 100 jets struck targets in Lebanon to prevent a larger attack.

This escalation has heightened fears that the Gaza conflict could expand into a broader regional confrontation, potentially involving Hezbollah’s supporter Iran and Israel’s key ally, the United States.

“Israel’s pre-emptive strike on Lebanon over the weekend to prevent an imminent attack from Hezbollah should ensure a stronger open this morning as WTI crude looks to extend its rally initially towards $77.50, before $80.00,” said Tony Sycamore, an analyst at IG, in a note.

Both major oil benchmarks gained more than 2% on Friday after U.S. Federal Reserve Chair Jerome Powell signaled the likelihood of upcoming interest rate cuts.

“The prospect of easing monetary policy boosted sentiment across the commodity complex,” analysts at ANZ noted in a report, adding that they expect the Fed to initiate a gradual series of rate cuts.

However, despite the recent gains, oil prices declined last week due to a bleak outlook for major economies, which weighed on fuel demand, according to the bank.

On Friday, the U.S. Energy Department announced the purchase of nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve.

Additionally, the number of active U.S. oil rigs remained unchanged at 483 last week, according to the weekly report from Baker Hughes.

#everyday_information #forex #option #Binary_Option #trading #trader #goldstocks #forextrader #fx_trade_time #fxttime #USDollar #euro #JPY #GBP #chfcurrency
#dubai #UAENews #ksasaudiarabia #Syrian #iraq #kuwait #jordan #morocco #Libya #tunisia #algerian #Egypt #qatar #lebanon
#كل_يوم_معلومه #فوركس #خيارات_ثنائيه #تداول_عملات #بورصه #ذهب #فوركس_تريد_تايم #اف_اكس_تريد_تايم #دولار #يورو
#دبي #امارات #السعوديه #سوريا #العراق #الكويت #الاردن #المغرب #ليبيا #تونس #الجزائر #مصر #قطر #لبنان
.
www.fxttime.com/trade