Oil Prices Spike as US Inflation Concerns Ease and Geopolitical Tensions Rise Oil prices surged as recent US data revisions indicated that inflation pressures are decreasing, sparking optimism that the Federal Reserve may lower interest rates later this year. The price of West Texas Intermediate oil climbed above $77 a barrel, driven by a mix of factors including the S&P 500 hitting new highs, increased geopolitical risks, and technical trading patterns. Additionally, shipping companies have raised alarms about worsening security in the Red Sea. The combination of these factors, along with tighter fuel markets as shown by rising refining margins, has contributed to oil’s price rise. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Samsung: 2024 Key Commodity Market Outlook READ MORE UK inflation falls more than expected, hits lowest in nearly two-and-a-half years READ MORE Gold still has upside, despite new record high – BofA Securities READ MORE Moderate Inflation Easing Keeps Fed’s InterestRate Cuts on Hold READ MORE Janet Yellen warns inflation decline might not be ‘smooth’ READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment