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Oil soared on projections of bolstered demand and spiked Middle East conflicts

02 Apr,2024
Oil soared on projections of bolstered demand and spiked Middle East conflicts

Oil advanced on Tuesday, buoyed by hints that demand may enhance in China and US, along with spiked worries of escalated conflict in the Middle East that may impact supply.

Brent futures ticked up by 58 cents to $88 per barrel while US WTI advanced by 58 cents to $84.29 per barrel, post hitting a peak.

This year's increased manufacturing activity is expected to result in higher oil consumption since it increased in China in March for the first time in six months and in the United States for the first time in one and a half years.

An Israeli raid on Iran's embassy in Syria resulted in the deaths of seven military advisors, including three senior commanders, and escalated the conflict between Israel and Iran-backed Hamas in Gaza.

Concerns regarding the effects on the oil supply have arisen as a result of the almost half-year-long conflict expanding to encompass Israel's direct confrontation of Iran.

Fears about the effects on the oil supply have arisen as a result of the almost half-year-long battle intensifying to include Israel directly combating Iran.

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