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Oil prices rose modestly following indications that Iran was preparing for a potential attack on Israel, which could have impacted oil supplies from the region. A decrease in US inventories contributed to upward price pressure.

Brent crude futures rose by $0.61, to settle at $70.76/barrel.

WTI increased by $0.65, to close at $69.26/barrel.

Iran's heightened stance towards potential attack against Israel was expected to escalate tensions in the Middle East, fueling concerns over possible supply disruptions. Further supporting this bullish outlook, OPEC+ was considering postponing its planned increase in oil production, initially scheduled for December, due to weaker demand and rising supply in the market.

In the following week, market attention turned to the US presidential election and a high-level meeting in China regarding new stimulus measures. These two events were anticipated to impact oil market volatility.

Written by: Muhammad Hafiz