Oil prices rise after investors weigh potential de-escalation in the Middle East, reducing concerns over supply disruptions.
West Texas Intermediate crude futures climbed in early trading as investors reassessed geopolitical risks amid reports of progress toward a Middle East peace agreement. The rebound follows a week of volatility driven by fears of supply disruptions from regional conflicts.
Prices had fallen nearly 3% last week on expectations of weaker demand and easing tensions. Analysts noted that while a deal remains uncertain, any reduction in hostilities could stabilize oil flows from key producing nations.
Markets showed cautious optimism, with WTI trading up 0.8% at $82.45 a barrel in morning sessions.