 + China's economic stimulus: Optimism over China's demand for oil, and by extension global oil demand, grew after the country announced its stimulus plan.
 
+ Geopolitical tensions: Israeli airstrikes on Lebanon raised concerns about possible conflict with Iran, a key OPEC member, which could disrupt oil supplies.
 
+ Natural disasters: A storm in the Gulf of Mexico forced oil and gas companies to halt operations, reducing supply. However, concerns eased as forecasts showed the storm heading towards Florida, which only accounts for 15% of U.S. oil and 2% of gas production.

Oil prices surged

Sep 25 2024