Middle East conflict spurs oil price surge Amid summer demand prospects

Oil prices surged as escalating tensions in the Middle East fueled concerns among traders, coupled with anticipations of increased gasoline demand in the United States during the summer driving season.

Benchmark September futures for Brent crude on the ICE Futures exchange in London climbed by $0.4 to $85.66 per barrel, following a previous day's increase of $0.79, Caliber.Az reports.

Meanwhile, WTI oil futures for August on the NYMEX rose by $0.47 to $82.21, reflecting a broader uptrend in the market.

Market analysts, including Lukman Otunuga from FXTM, noted that geopolitical tensions and expectations of higher fuel consumption during summer have bolstered market sentiment, driving prices upwards. This marks a potential third consecutive week of gains for oil prices, as highlighted by Trading Economics.