Oil Prices Climb for Fifth Day on Easing Recession Fears, Middle East Tensions

Oil prices continued their upward trend for a fifth straight session, driven by diminishing concerns over a U.S. recession and escalating geopolitical tensions in the Middle East. Positive U.S. economic data eased recession fears, while the uncertainty surrounding Iran`s response to recent assassinations added to market anxiety. Despite potential ceasefire talks, the situation in Gaza remains volatile, further supporting oil prices. Last week`s gains were also fueled by expectations of a potential U.S. interest rate cut, supported by indications of cooling inflation and positive U.S. jobs data.