Crude Oil is trading slightly higher today in the European session above the $85 level.
Oil prices surged during early European trading on Tuesday, buoyed by indications of heightened demand and escalating tensions in the Middle East.
Manufacturing activity in both China and the U.S. expanded in March, marking the first growth in six months and 1-1/2 years, respectively. Market observers interpreted this as a positive sign for increased oil demand, with China being the world’s largest crude importer and the U.S. the largest consumer.
Meanwhile, in the Middle East, an Israeli strike on Iran’s embassy in Syria resulted in the deaths of seven military advisors, including three senior commanders. This event marks a significant escalation in a conflict that has persisted for nearly six months, sparking concerns about potential disruptions to oil supply.