Oil prices rise as Israel strikes Qatar, US responds
Oil prices edged higher on Wednesday after an Israeli airstrike targeted Hamas leadership in Qatar, raising worries about peace talks in the region.
Brent crude went up 0.53% to $66.74 a barrel, and US West Texas Intermediate climbed 0.57% to $62.99.
Factors affecting oil prices
The price jump was almost 2% at first but settled down after the US responded to the attack. Qatar's Prime Minister voiced concern about how this could hurt peace efforts.
On top of that, Trump's push for EU tariffs on oil buyers like China and India might shake up global supply chains.
Meanwhile, more oil from OPEC+ countries means bigger inventories, which could actually push prices back down soon—plus everyone's watching what the US Federal Reserve does next with interest rates, since that affects demand too.