Oil Prices Hit 2024 High Amid Middle East Tensions and Supply Cuts
• Oil prices closed at 2024 highs amid escalating Middle East tensions, outweighing hotter US inflation data • Hezbollah chief threatened to escalate fight with Israel, heightening regional instability • Fundamentals remain mixed - IEA forecasts oil surplus but OPEC sees robust demand growth • Oil has traded choppily this week due to dollar strength, after rallying over 10% year-to-date • Russia nearly reached its voluntary supply cut target for the first time, while Iraq and Kazakhstan pledged compliance