Oil Prices Rebound Amid Middle East Tensions and Chinas Economic Stimulus

Oil prices have rebounded after last week's 8% drop, driven by concerns over Middle East tensions and China's economic support measures. At the time of writing, West Texas Intermediate (WTI) rose by nearly 2%, settling above $70 per barrel, while Brent crude surpassed $74. The surge follows Israel's military action against Hezbollah in Lebanon and its vow to retaliate against Iran for earlier missile strikes. Meanwhile, China's decision to cut benchmark lending rates in a bid to stimulate its economy, the world’s largest oil importer, also boosted market sentiment. Despite the gains, crude markets remain volatile, with traders weighing potential supply risks against signs of weak demand in China. The International Energy Agency has warned of a possible surplus next year as OPEC+ plans to restore production capacity.

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