WTI crude oil futures jumped by 1.7% to settle at $71.5 on Tuesday, driven by China's sweeping economic stimulus measures and rising geopolitical tensions in the Middle East.
China's central bank unveiled its largest stimulus package since the pandemic, featuring increased funding and significant rate cuts, in a bid to revive growth amid fears of a prolonged economic slowdown.
In the Middle East, Israeli airstrikes on Hezbollah positions in Lebanon, resulting in hundreds of casualties, stoked fears of a wider regional conflict that could draw in Iran, a key OPEC member. Adding to supply concerns, US oil producers in the Gulf of Mexico began evacuating rigs and halting production as a powerful hurricane threatened to disrupt offshore operations for the second time in two weeks.
Source : Trading Economics
