Manama: Oil prices rose slightly today as a result of the instability in the Middle East and Chinese stimulus plans. However, concerns over global growth and US tariffs limited the gains. Brent Crude futures increased by 17 cents, or 0.2%, to $71.24 per barrel, while US West Texas Intermediate (WTI) crude futures rose by 14 cents, or 0.2%, to $67.72 per barrel.
According to Oman News Agency, the market’s response to geopolitical tensions in the Middle East contributed to the slight rise in oil prices. The region’s instability often impacts global oil supply concerns, influencing price adjustments. Additionally, China’s announcement of new stimulus plans aimed at boosting its economy also played a role in the oil market dynamics, providing some support to prices.
Despite these factors, global growth concerns and ongoing US tariffs on various imports contributed to limiting the upward movement of oil prices. The market remains cautious as these economic issues continue to influence investor sentiment and affect oil demand projections worldwide.