Oil prices rose by 0.32% to settle at 6911 due to an optimistic demand outlook and ongoing supply risks. The Federal Reserve may delay interest rate cuts until September due to rising inflation.
However, concerns arose as U.S. gasoline stockpiles fell less than expected, while distillate stockpiles rose, signalling a potential demand slowdown. U.S. crude inventories decreased sharply while exports increased. The conflict between Israel and Hamas in the Gaza Strip raised concerns over oil supplies, but there was no direct conflict between Israel and Iran, a key oil producer.
Meanwhile, there was a chance that the fighting between Israel and Hamas in the Gaza Strip may intensify and interrupt the flow of oil. Nevertheless, since last week, there has been no direct confrontation between Iran, a major oil exporter, and Israel.
