Oil jumps over 2% on Middle East strife and US rate cut hopes
Oil jumped over 2% on Tuesday to the highest in almost a month, supported by Middle East strife and investor optimism that the U.S. Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand.
The rally, in thin trade with some markets closed for public holidays, added to last week’s gains of about 3% after Houthi attacks on ships disrupted global shipping and trade while the Israel-Hamas conflict shows no sign of easing.
