Oil prices stabilized on Monday during Asian trading, holding onto gains from the previous week. This comes as reports indicate a potential Iranian strike on Israel in the coming days, raising geopolitical concerns.
Positive economic data also contributed to improved market sentiment, with traders reassessing fears of a U.S. recession. This week’s focus will be on key economic reports, including inflation data from the U.S., India, and the UK.
Brent crude futures edged down by 0.2% to $79.50 per barrel, while West Texas Intermediate futures fell by 0.2% to $78.74 per barrel. A market holiday in Japan led to reduced trading volumes, adding to the subdued price movement.
The ongoing conflict in the Middle East continues to inject volatility into the oil market, with traders closely monitoring developments that could impact global oil supplies.