Oil Prices Rise on Falling U

Oil prices rose due to a decrease in U.S. crude and gasoline inventories and concerns about the Israel-Gaza conflict potentially disrupting global oil supplies. While Iran, a major oil producer, hasn`t retaliated for the assassination of a Hamas official, any escalation could impact oil prices. The extent of Iran`s response and potential disruptions to its oil supply and infrastructure are key concerns. Although falling U.S. inventories suggest higher demand, the International Energy Agency`s lowered 2025 demand forecast, citing a weakened Chinese economy, moderated price increases.