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Middle East tension escalates, oil prices rise in the Asian session
On July 29, Jinshi Data reported that due to the possibility of supply disruptions caused by the tense situation in the Middle East, oil prices in the Asian market rose slightly in early trading. Earlier, the Israeli government authorized retaliatory strikes against Hezbollah in Lebanon. Last Saturday, Hezbollah launched an attack in the Israeli-controlled Golan Heights, resulting in the death of 12 young people. George Khoury, Director of CFI Global Education and Research, said that the geopolitical situation may continue to affect the market. Khoury added that several factors could exacerbate oil price fluctuations, including changes in importers’ demand.