Oil prices experienced a decline by Monday midday, with West Texas Intermediate crude futures, the US benchmark, dropping by 0.8% to $72.92 a barrel. Similarly, Brent crude futures, the international benchmark, saw a decrease of 0.1% to $76.31 a barrel.
The recent drop in crude prices can be attributed to concerns surrounding a potential US recession impacting oil demand. Additionally, worries about weakened Chinese demand have contributed to the downward pressure on prices.
Despite these factors, there are fears that the ongoing Israel-Hamas conflict could escalate further following Iran's threat to retaliate against the killing of Hamas' political leader in Tehran last week. It is worth noting that oil prices surged when the conflict initially erupted last year, as investors feared the possibility of it spreading to other oil-producing regions in the Middle East.
