Oil Prices Steady at $77 Amid Global Tensions
Solid ECN - WTI crude oil prices are stable at about $77 per barrel after rising 6.3% last week due to tensions between countries. Meetings in Beirut hinted at possible improvements in the Gaza situation, but the Houthi group in Yemen announced a new ship attack on the Red Sea, showing ongoing dangers. At the same time, Israel launched air attacks in Gaza's Rafah, rejecting a ceasefire offer from the previous week.
However, an ample supply of oil worldwide and doubts about demand, especially from China, have limited any further increase in oil prices.