As tensions in the Middle East escalate, investors are worried about potential disruptions to crude oil supplies, significantly driven by Iran's role in the market.
With OPEC+ maintaining production cuts, the market remains sensitive to geopolitical developments, particularly those involving Iran, which accounts for 5% of global oil production.
The anticipation of U.S. economic data is also critical, as it may influence the Federal Reserve's monetary policy and subsequently the long-term demand for oil.
Geopolitical tensions are likely to lead to an upward trend in crude oil prices, particularly if supply disruptions are feared. Traders are vigilant in this volatile environment.
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