Brent nears $80 per barrel as Middle East conflict escalates

Oil prices have been on the rise for the fifth consecutive trading session, fueled by growing concerns over potential supply disruptions due to the escalating conflict in the Middle East, according to Report.

According to Commerzbank commodity markets analyst Barbara Lambrecht, "Tensions in the Middle East, which could escalate at any moment and further drive up prices, are providing support to the market. Geopolitical risks are likely to continue to have a significant impact on oil market price trends."

Meanwhile, recent economic data from the United States has exceeded expectations, easing concerns about a potential recession in the country. This has also bolstered confidence among traders that the Federal Reserve will cut interest rates as early as next month, which could stimulate fuel demand.

On the London-based ICE Futures exchange, October futures for Brent crude rose by 0.22 dollars (0.3%) to $79.88 per barrel. Similarly, September futures for West Texas Intermediate (WTI) crude increased by 0.36 dollars (0.5%) to $77.20 per barrel on the New York Mercantile Exchange (NYMEX) electronic trading platform.