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    Home » Oil Prices Surge Amid Middle East Tensions
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    Oil Prices Surge Amid Middle East Tensions

    February 20, 20241 Min Read
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    On Tuesday, oil prices reached three-month highs as attacks on shipping vessels continued to plague the Middle East region.

    Price Update

    • West Texas Intermediate (WTI) sits at $79.27, up 0.1%
    • Brent crude remains at $83.31, down 0.3%
    • Both WTI and Brent have seen a 10% increase so far this year

    Geopolitical Unrest

    • Houthi rebels continue to disrupt Red Sea shipping routes
    • Ongoing conflict between Israel and Gaza poses a threat to oil supplies
    • China’s reduction of key mortgage interest rates may stimulate economic growth and energy demand in the second-largest global economy

    Market Analysis

    • Susannah Streeter, from Hargreaves Lansdown, points out concerns over Middle East conflict
    • Uncertainties around the oil supply from the region persist due to ship targeting incidents
    • Factors like China’s slow recovery and the Federal Reserve’s hesitancy to cut interest rates may keep energy demand in check

    Stock Performance

    • Exxon Mobil: Rose by 0.1% in premarket trading
    • Chevron: Gained 0.4%
    • Occidental Petroleum: Saw a 0.1% increase
    • ConocoPhillips: Dropped by 0.4%
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