Oil Prices Steady Amid Middle East Tensions

Oil prices remained relatively stable amid geopolitical tensions in the Middle East, particularly following the Israeli airstrike that killed Hezbollah leader Hassan Nasrallah. West Texas Intermediate traded around $68 per barrel, while Brent crude rose slightly to $73.10, despite a significant overall decline this quarter. The market is grappling with rising oil supply forecasts, especially from OPEC+ and a potential increase in Libyan production, which could complicate price stability. Analysts noted that despite the escalations, there has been no actual disruption to oil supply, and the market's geopolitical risk premium appears limited. Meanwhile, concerns regarding China's economic recovery have dampened demand expectations, contributing to fluctuations in oil pricing. The evolving dynamics in the Middle East and global production levels will likely influence future oil market trends.