Escalating Tensions in the Middle East Keep Oil Markets on Edge

The most significant factor driving crude oil prices this week has been the escalating geopolitical tension in the Middle East. The ongoing conflict between Israel and Hamas has created a volatile situation that threatens to spill over into a broader regional conflict. The assassination of a Hamas leader has prompted Iran to promise a severe response, heightening fears of potential retaliation. The Middle East is a crucial oil-producing region, and any disruption to supply could have significant impacts on global oil markets. The U.S. has responded…