Oil Prices Fall on Recession Fears Despite Middle East Tensions

Oil prices dipped on Monday as recession worries in the United States counterbalanced concerns about potential supply disruptions from the Middle East due to escalating tensions. While the conflict between Israel and Palestine could impact crude exports, weak economic data globally, particularly in the U.S. and China, fueled fears of reduced fuel demand, putting downward pressure on oil prices. This economic uncertainty overshadowed the impact of OPEC+ sticking to its plan to gradually reduce production cuts, a move that was expected to support prices but has been offset by demand concerns.