The most significant factor driving crude oil prices this week has been the escalating geopolitical tension in the Middle East. The ongoing conflict between Israel and Hamas has created a volatile situation that threatens to spill over into a broader regional conflict. The assassination of a Hamas leader has prompted Iran to promise a severe response, heightening fears of potential retaliation. The Middle East is a crucial oil-producing region, and any disruption to supply could have significant impacts on global oil markets. The U.S. has responded…
