Oil prices rose today, recovering losses from the previous session as concerns over escalating tensions in the Middle East drove the market. Brent crude futures climbed 95 cents, or 1.27%, to settle at $75.91 per barrel, while US West Texas Intermediate (WTI) crude futures increased by 1.41%, reaching $71.77 per barrel. The rise followed intensified military exchanges between Israel and Lebanon, fueling supply disruption fears.
This week’s 4% rise in crude prices helped offset last week’s over 7% decline, which was driven by concerns over weakened demand in China and the reduced likelihood of Middle East supply disruptions. The market remains sensitive to geopolitical risks, with any further escalation in the region likely to impact prices.
In the US, the Energy Information Administration (EIA) reported a significant build in crude inventories, which rose by 5.5 million barrels to 426 million barrels in the week ending October 18. This far exceeded analysts’ expectations, which had predicted an increase of just 270,000 barrels. Despite the inventory build, supply concerns kept upward pressure on prices.
Gold also saw gains today, benefiting from safe-haven demand amid rising geopolitical uncertainty. Spot gold increased 0.3% to $2,725.51 per ounce, while US gold futures rose 0.3% to $2,738.50 per ounce.
Among other precious metals, silver remained steady at $33.84 per ounce, while palladium surged 4% to $1,100.50 per ounce, its highest level since mid-September. Platinum also increased by 1%, reaching $1,025.85 per ounce.
