Brent crude nears $74 per barrel, marking a significant weekly decline. Concerns over demand, particularly from China, and geopolitical tensions in the Middle East are influencing market dynamics.

Oil prices fell on Friday but are potentially set for a weekly gain. Investors are balancing hurricane damage impacts on US demand with supply disruptions from geopolitical tensions.

We might even see $80/bbl Brent if markets sense the rising risk that oil supplies from the region will be materially impacted. Meanwhile, Chinese stocks are rallying on economic recovery hopes, creating significant trading opportunities across various asset classes.

Oil prices rose significantly as concerns about escalating conflicts in the Middle East threaten global crude supplies. Brent crude increased by ~5%, closing at $77.35 per barrel, amid fears of potential disruptions from Iran.