World Oil Prices Are High Risk, The Middle East Conflict Is Worrying!

<p>&nbsp;Today, crude oil prices rose again after yesterday's fall due to concerns about the escalating Middle East conflict.</p><p><br /></p><p>Markets will be more focused on attacks in Gaza and the Red Sea even as a sharp increase in US crude stockpiles limits gains.</p><p><br /></p><p>Brent crude rose 48 cents (0.48%) to $77.17 a barrel and US West Texas Intermediate crude rose 32 cents (0.45%) to $71.69 a barrel in today's trading session.</p><p><br /></p><p>Both of these crudes were found lower yesterday and the sudden surge in US oil inventories. This raises concerns about demand in the global crude oil market.</p><p><br /></p><p>However, the market remains on edge after news of the Yemen-based Houthi group launching their biggest attack yet on commercial shipping lanes in the Red Sea.</p><p><br /></p><p><br /></p><p>In addition, Israel also launched more attacks in southern and central Gaza yesterday.</p><p><br /></p><p>The United States and Britain were forced to intervene if the attacks continued and the UN Security Council passed a resolution ending the conflict.</p><p><br /></p><p>The situation has left the oil market in a state of uncertainty this week and investors are looking for other clues to bolster expectations.</p><p><br /></p><p>US crude oil inventories rose by 1.3 million barrels last week to 432.4 million barrels compared to analysts' forecast of 700,000 million barrels.</p><p><br /></p><p>The market is now focused on the US inflation data that will be released tonight and clarify the view on how long the Federal Reserve (Fed) will cut interest rates.</p>