Oil Prices Rise Due to Possible Conflict in the Middle East.

Oil prices rose due to fears of expanding conflict in the Middle East after a rocket attack on the Golan Heights, occupied by Israel.

Brent rose by 40 cents or 0.5% to $81.53 per barrel, while WTI rose by 34 cents or 0.4% to $77.50 per barrel.

Last week, Brent crude prices lost 1.8%, and WTI crude fell by 3.7% due to reduced demand from China and hopes for a peace agreement in Gaza.

On Sunday, Israel's security cabinet authorized Prime Minister Benjamin Netanyahu to decide on the "method and timing" of the response to the rocket attack on the Golan Heights, which resulted in the deaths of 12 children.

The group "Hezbollah", supported by Iran, denies responsibility for this attack, the deadliest in recent times in Israel or its annexed territory.

This conflict threatens to spread to other regions, creating a potential regional conflict.

Regarding oil demand, China reduced fuel oil imports by 11% in the first half of 2024, raising concerns about future demand in the world's largest oil importer.

Source: Ekonomichna Pravda