Oil Prices Rise on Middle East Tensions, Weak Demand Limits Gains

Asian oil prices saw a modest increase due to escalating Middle East tensions, but weak demand limited further gains. Despite Hamas naming a new leader known for radical views, concerns remain over China`s declining oil imports and a surprising surge in U.S. oil inventories. While Monday saw oil prices plummet to multi-month lows on recession fears, Tuesday brought a slight recovery as Iran threatened retaliation against Israel and the U.S., raising concerns of potential supply disruptions in the region.