Crude oil rises due to concerns about the escalation of the Middle East dispute

WTI crude oil futures on Monday rose 3 times in a row to around $75.4 per barrel due to concerns about supply risks amid growing concerns about broader disputes in the Middle East.

Over the weekend, Israel and Hezbollah exchanged a storm of missiles, and Hezbollah fired hundreds of rockets and drones against Israel in retaliation for the assassination of a senior commander in Beirut last month.

In anticipation of the attack, Israeli jets hit targets in Lebanon shortly before.

At the same time, expectations for monetary policy easing boosted commodity market sentiment.

Last week, US Federal Reserve (Fed) Chairman Powell suggested that the Fed is prepared to cut interest rates, assuming that he is concerned about the slump in the job market and is convinced that the inflation rate is approaching the target of 2%.

Nevertheless, concerns about a slowdown in energy demand remain due to sluggish data from the top markets.