Oil prices experienced mixed movements as weak Chinese demand clashed with Middle East tensions following the Syrian rebels’ overthrow of President Assad. Brent crude futures dipped slightly, while US WTI crude futures saw a marginal increase. Concerns over a supply surplus loomed despite OPEC+’s decision to extend production cuts, with Saudi Aramco reducing prices for Asian buyers.
Oil climbs following renewed US, Iran strikes in Middle East
Oil prices saw an uptick as renewed US-Iran tensions in the Middle East disrupted shipping through the Strait of Hormuz. Despite reports of a potential