In a boost driven by Middle East tensions and hopes for US interest rate cuts, oil prices rose over 2%, reaching their highest in almost a month. The market responded to Houthi attacks affecting global shipping and geopolitical uncertainties in the Middle East.
Brent crude hit $80.86 per barrel, with WTI crude at $75.45. Concerns about potential supply disruptions were offset by a lack of actual impact on oil supply.
The resumption of Red Sea shipping routes eased worries. Expectations of US rate cuts and geopolitical tensions continue to influence oil prices.