Doha: Oil prices rose slightly on Tuesday as a result of the instability in the Middle East and Chinese stimulus plans. However, concerns over global growth and US tariffs limited the gains. Brent Crude futures increased by 17 cents, or 0.2%, to $71.24 per barrel, while US West Texas Intermediate (WTI) crude futures rose by 14 cents, or 0.2%, to $67.72 per barrel.
According to Qatar News Agency, the ongoing instability in the Middle East has contributed to the fluctuation in oil prices. The geopolitical tensions in the region have historically impacted the global oil supply, influencing market sentiments and causing price adjustments.
Additionally, Chinese stimulus plans have played a role in the recent changes in oil prices. As China continues to implement measures to stimulate its economy, the demand for oil is expected to be affected, thereby impacting global oil markets.
Despite these factors, concerns over global economic growth and existing US tariffs have tempered the increase in oil prices. The uncertainty surrounding these economic issues continues to weigh heavily on market dynamics, making significant price gains challenging.