Tension in Syria impacts oil prices

Oil prices continue to rise due to supply concerns fueled by geopolitical tensions in the Middle East. The price of a barrel of Brent crude is trading at $71.36 on the first trading day of the new week in international markets, an increase of 0.67 percent.

Brent crude, which rose to as high as $72.12 on Friday, closed the week at the $70.88 level. Meanwhile, the price of a barrel of West Texas Intermediate (WTI) crude oil reached $67.44 today.

CONFLICTS HAVE AN IMPACT

The primary driver behind this rise in oil prices is the intense conflict in the Middle East and the political uncertainty in the region. Recent clashes between the Assad administration and jihadist groups in Aleppo, in northern Syria, have led to significant changes in the country. As the Assad regime loses control, it has been reported that Israel has also deployed ground troops into Syrian territory.

U.S. President Joe Biden stated that these developments represent a historic turning point for the Syrian people, while noting that uncertainty persists in the region. Meanwhile, Israeli Chief of General Staff Herzi Halevi confirmed that the army is conducting operations on four different fronts.

U.S. DATA AWAITED

Experts emphasize that inflation data to be released from the U.S. this week will be decisive for the oil market. It is suggested that signs of growth in the U.S. economy could increase oil demand, exerting upward pressure on prices.

According to technical analysis, the $74.25 level stands out as resistance for Brent crude oil prices, while the $70.52 level serves as support.