Crude oil rises due to concerns about the Middle East

WTI crude oil futures rose towards $77.5 per barrel on Monday, reducing the previous decline of more than 1%.

On Sunday, Israel promised strong retaliation against Hezbollah, accusing Iran-backed Hezbollah of killing 12 children and teenagers in a rocket attack on a soccer field in the Israeli-occupied Golan Heights.

However, Hezbollah “categorically denies” involvement in this attack.

The tense situation in the Middle East has brought supply risks and is boosting crude oil prices.

Meanwhile, in the new data announced last week, the US PCE price index, which is an inflation index favored by the US Federal Reserve (Fed), showed results as expected, and interest rate cut observations for September intensified.