Oil Prices Surge for Fifth Straight Session Amid Middle East Tensions and Positive U.S. Data

Oil prices extended their rally for the fifth consecutive session on Monday, driven by escalating tensions in the Middle East and positive economic signals from the United States. Brent crude futures climbed 1.1% to $80.54 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 1.38% to $77.90 per barrel. The market's momentum builds on last week's gains, with easing U.S. recession fears and a steady decline in crude inventories supporting prices. However, concerns over potential supply disruptions due to the ongoing conflict between Israel and Hezbollah have added to the price surge. Meanwhile, OPEC's downward revision of its 2024 global oil demand growth forecast has tempered bullish sentiment, reflecting weaker-than-expected data from China. As traders watch for further developments in the Middle East and updates from the International Energy Agency, oil prices are expected to remain volatile.