Oil Prices Rise: Geopolitical Tensions Unsettle Markets

After a two-day decline, oil prices have slightly recovered as traders closely monitor the geopolitical situation in the Middle East. Uncertainty in the markets is particularly fueled by Israel's potential response to the missile attack from Iran earlier this week. Brent crude recovered, rising to over $77 per barrel, while West Texas Intermediate (WTI) approached the $74 mark. The strained relations between Israel and Iran feed fears of escalation into a large-scale conflict. Iran has hinted that it is ready to fire thousands of missiles if the situation escalates. Meanwhile, US crude oil inventories have recorded the largest increase since April, adding additional pressure on the markets.