Oil Prices Rise Amid Geopolitical Tensions and Technical Factors

Oil prices rose for a second consecutive day due to technical factors and tensions in the Middle East. West Texas Intermediate settled above $68 a barrel, while Brent settled above $70. The market is watching for potential Houthi attacks in the Red Sea, but remains focused on supply-and-demand dynamics. OPEC+ decided to increase production more rapidly in August, but Saudi Arabia raised the cost of crude for Asian buyers, indicating confidence in the market’s strength. Inventory levels are expected to tighten during the summer, affecting prices and term structures.

Read more at Yahoo Finance: Oil Gains as Red Sea Attacks Spur Push Past Key Technical Level