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A Week of Turmoil in Oil Markets

OilPrice.com Friday, 2 August 2024
The crude oil market experienced significant volatility this week, with prices spiking due to a combination of geopolitical tensions and supply concerns, but ultimately being held back by demand uncertainty. Middle East Powder Keg Ignites Oil Rally The week began with oil prices edging lower, but geopolitical events quickly took center stage. On Wednesday, oil futures surged by over $2 a barrel following the assassination of Hamas leader Ismail Haniyeh in Iran. This event, coupled with the killing of a senior Hezbollah commander in Beirut the day…
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