U.S. crude oil prices have surged for a fifth consecutive day, surpassing $77 per barrel. This increase is fueled by concerns over a potential Iranian attack on Israel, prompting the Pentagon to deploy more forces to the Middle East.
Despite a softening consumption in China, U.S. crude oil continues to trade higher. Additionally, OPEC has lowered its global demand growth forecast, citing worries about China's economic slowdown.
The Brent October contract has seen a year-to-date increase of 4.3%, while the RBOB Gasoline September contract has risen by 15%. In contrast, the Natural Gas September contract has experienced an 11% decline.
UBS analysts recommend allocating investments to oil and gold as a means of geopolitical protection. Last week, U.S. crude oil snapped a four-week decline, surging by over 4% as the stock market recovered from previous losses.
The rising tensions in the Middle East have also impacted gas prices, with a decline expected as summer comes to an end. Overall, commodity prices, including gold and oil, are fluctuating due to geopolitical factors, while the gold market awaits a potential rate cut.
infobud.ai is an AI-driven news aggregator that simplifies global news, offering customizable feeds in all languages for tailored insights into tech, finance, politics, and more. It provides precise, relevant news updates, overcoming conventional search tool limitations. Due to the diversity of news sources, it provides precise and relevant news updates, focusing entirely on the facts without influencing opinion. Read moreExpand