Brent crude oil futures rose 1% on Thursday, settling at $79.16 per barrel. The increase was built upon a 2.4% gain from the previous session. Several factors supported the upward movement, including positive U.S. job data, which eased fears of a recession. In the US, weekly jobless claims fell to 233,000 for the week ending August 3, a decrease of 17,000 from the previous week, indicating strength in the labor market. 

Geopolitical tensions also played a role in the price increase. Concerns over potential retaliatory actions by Iran against Israel, following the recent assassinations of Hamas and Hezbollah leaders in Tehran, contributed to the upward pressure on oil prices. Additionally, Israeli forces stepped up airstrikes across the Gaza Strip on Thursday in further battle with Hamas-led militants, as Israel braced for a potential wider war in the region. The escalation stoked concerns over the oil supply from the world’s largest-producing region. 

The rebound in oil prices, which had hit a seven-month low on Monday, was further driven by disruptions in Libya’s largest oil field and a rare Ukrainian attack on Russia. The combination of economic data, geopolitical tensions, and supply disruptions collectively supported the recovery in oil prices observed during the trading session. 

(Brent Crude Monthly Chart) 

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Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

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