Oil Prices Stabilize After Surge on Middle East Tensions and Libyan Supply Concerns

Oil prices stabilized after a recent surge driven by supply concerns. Fears of a wider Middle East conflict and potential Libyan oil field closures fueled a three-day price increase, with WTI and Brent rising over 7%. However, prices plateaued as markets await further developments. While concerns about declining global oil demand, particularly from China, persist, the potential Libyan supply disruption could counterbalance these pressures and support higher prices.