Oil prices rose slightly on signs of economic strength in China, the world’s largest oil importer, but gains were tempered by uncertainty surrounding the fragile ceasefire between Israel and Lebanon. Optimism emerged as recent data revealed stronger-than-expected Chinese factory activity, fueling hopes of sustained energy demand despite global economic concerns.
The geopolitical tension in the Middle East kept markets cautious. While the ceasefire offers temporary relief, fears of escalation persist, creating volatility in oil trading. Brent crude edged higher by 0.3%, trading at $81.42 per barrel, while U.S. West Texas Intermediate (WTI) gained 0.4%, reaching $76.89. Market participants remain focused on developments in the region and broader economic trends.
