Tensions rise in the Middle East: Oil prices hit the ceiling

The price of a barrel of Brent crude oil, which rose to as high as 81.72 dollars on Friday, closed the day at 80.28 dollars. As of 09:09, the price of a barrel of Brent crude oil increased by 0.61 percent compared to the closing price, reaching 80.77 dollars. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was trading at 77.58 dollars.

Concerns that ongoing conflicts in the Middle East could disrupt global oil supplies have been a driving factor in the rise in prices.

The conflict between the Israeli military and Lebanon's Hezbollah continues. Yesterday, a deadly attack was carried out on the Druze town of Majdal Shams in the Israeli-occupied Golan Heights. Following the attack, tensions in the conflict between the Hezbollah movement in Lebanon and the Israeli military have escalated. Ahead of a potential Israeli military offensive into Lebanon, several countries have issued warnings to their citizens to leave Lebanon or to avoid traveling to the country.

Israel's attacks on the blockaded Gaza Strip have been ongoing for 297 days. In a statement made on social media over the weekend, Israeli Army Spokesperson Avichay Adraee announced that "operations" would be conducted in areas of Gaza City, specifically in the Al-Shuhada and Al-Bureij districts, including locations previously designated as "safe zones," and called for the evacuation of residents in the area.

The tensions in question continue to influence the rise in oil prices by increasing supply concerns in the region where most of the global oil reserves are located.

Meanwhile, market participants this week will be monitoring meetings expected to provide clues regarding the roadmaps of international banks. While it is considered a certainty that the US Federal Reserve (Fed) will keep the policy rate steady at the 5.25-5.50 percent level for the last time on Wednesday, the signals to be gleaned from the policy statement, economic projections, and the remarks of Fed Chair Jerome Powell are expected to be decisive for the direction of asset prices.

The Bank of England will also announce its interest rate decision, as well as inflation and growth data this week. Investors will closely follow the monetary policy decisions to be announced by the Bank of Japan on Wednesday.

It is stated that for Brent crude oil, the $81.52 to $83.82 range can be monitored as a resistance zone, while the $79.22 to $76.92 range can be monitored as a support zone from a technical perspective.