As the conflict in the Middle East escalates, oil prices have been pushed higher on fears of major supply disruption.
Worry about oil supply disruption in the Middle East pushed Brent crude and West Texas Intermediate higher earlier today in Asian trade, as Israel continues to pound Lebanon after the killing of the Hezbollah leadership last week. It also struck targets in Yemen, signaling it was willing to expand the conflict.
“The conflict has gone on for more than a year with no impact on oil output, while OPEC continues to sit on a large amount of spare capacity. Instead, support measures coming through from China appear to be what’s providing support.” Last week, China’s government said it would introduce fresh stimulus measures in order to make sure the planned GDP growth target for the year is met.
Middle East Israel Hezbollah Iran Supply Disruption OPEC China Stimulus Real Estate Slowdown
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