Crude oil soars 5 times

WTI crude oil futures on Monday rose to around $77 per barrel as concerns about the supply side continued as the situation in the Middle East became tense, and continued to grow for 5 days.

On Saturday, there were reports that Israel bombed a school and shelter in Gaza, killing at least 80 people and injuring nearly 50 others.

Furthermore, they expressed anxiety over Hamas's participation in new cease-fire negotiations scheduled for Thursday.

Crude oil prices were also supported by last week's good economic indicators.

Furthermore, since some senior Fed officials stated on Friday that inflation seems to be easing to the extent that interest rate cuts are being considered as early as next month, expectations for US interest rate cuts will increase, and there is a possibility that crude oil demand will be boosted.