Oil Prices Rebound Amid Middle East Tensions

Oil prices have rebounded as tensions in the Middle East show no signs of easing, raising concerns about the future of crude oil supply. According to RTHK, reports indicate that the port of Fujairah in the United Arab Emirates was attacked. This port, located in the Gulf of Oman, is the UAE's only export route that bypasses the Strait of Hormuz. In London, Brent crude for May delivery briefly rose to nearly $105 per barrel, closing at $103.42, marking a 3.2% increase. Meanwhile, New York crude for April delivery settled at $96.21 per barrel, up approximately 2.9%. Additionally, Reuters, citing data from the American Petroleum Institute, reported a significant increase in U.S. crude oil inventories last week by 6.56 million barrels, which was much higher than expected. In contrast, gasoline inventories saw a substantial decrease of 4.56 million barrels, far exceeding forecasts, while distillate stocks also fell by 1.39 million barrels.