Strategic Straits and Shifting Sands: How Middle East Turmoil Reshapes Oil Markets Crude oil futures have witnessed a notable weekly gain, with the price movements primarily influenced by escalating tensions in the Middle East. The concerns over the geopolitical unrest have overshadowed the impacts of persistent inflation in the U.S. and an uncertain demand outlook for the year. West Texas Intermediate (WTI) for March delivery saw a rise of $1.16, settling at $79.19 a barrel, while April Brent futures increased by 61 cents to $83.47 a barrel. This upward trend reflects a significant market response to the ongoing conflict between Israel and Lebanon, as well as Israel's military actions in Gaza and its implications for the broader region, including potential tensions with Egypt. USD per barrel as of Feb. 15, 2024 Source : CNBC The oil market's resilience in the face of U.S. inflation data and demand uncertainties underscores the significant inf...