Oil prices rose after Israeli military attacked Hamas leadership in Doha, with Brent crude settling at $66.39 a barrel and WTI at $62.63. Prices initially surged 2% but eased as U.S. assured no further escalation. Geopolitical risk premiums are easing, with no immediate supply disruption post-attack. OPEC+ output increase, China stockpiling oil, and Russian sanctions fears supported prices. However, EIA expects global crude prices to face pressure due to rising inventories. Physical oil markets are softening, indicating weak demand. U.S. crude inventories rose, with Fed expected to cut interest rates to boost economic growth and oil demand.

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