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Oil Prices Rebound on Geopolitical Tensions and Strong U.S. Job Data 

um editor

UM Editor

August 9, 2024 at 10:36 am

Brent crude oil futures rose 1% on Thursday, settling at $79.16 per barrel. The increase was built upon a 2.4% gain from the previous session. Several factors supported the upward movement, including positive U.S. job data, which eased fears of a recession. In the US, weekly jobless claims fell to 233,000 for the week ending August 3, a decrease of 17,000 from the previous week, indicating strength in the labor market. 

Geopolitical tensions also played a role in the price increase. Concerns over potential retaliatory actions by Iran against Israel, following the recent assassinations of Hamas and Hezbollah leaders in Tehran, contributed to the upward pressure on oil prices. Additionally, Israeli forces stepped up airstrikes across the Gaza Strip on Thursday in further battle with Hamas-led militants, as Israel braced for a potential wider war in the region. The escalation stoked concerns over the oil supply from the world’s largest-producing region. 

The rebound in oil prices, which had hit a seven-month low on Monday, was further driven by disruptions in Libya’s largest oil field and a rare Ukrainian attack on Russia. The combination of economic data, geopolitical tensions, and supply disruptions collectively supported the recovery in oil prices observed during the trading session. 

(Brent Crude Monthly Chart) 

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