What's Fueling Oil Prices? Geopolitics, Not Growth
1. Oil prices surged due to geopolitical tensions in the Middle East. 2. Brent crude jumped 13%, while WTI rose 9% amid military strikes. 3. Potential closure of Strait of Hormuz threatens oil supply lines. 4. OPEC+ increased output despite a global oil surplus. 5. Demand uncertainty exists amid economic growth downgrades and trade tensions.