WTI hovers above $85.50 on fear over Israel-Hamas war escalation

Western Texas Intermediate (WTI) hovers around $85.50 per barrel during the early European session on Tuesday. Crude oil receives upward support due t

Crude oil moves sideways ahead of US economic data. Escalation in Middle-East conflict could drive the prices higher for the oil. API Weekly Crude Oil Stock and EIA Crude Oil Stocks Change are set to release their data. o the fear of the Israel-Hamas war. Investors are uneasy about the potential escalation of the situation, as it may result in disruptions across the Middle East, potentially disrupting supplies from one of the world's leading production regions.

As a result, the safe-haven US Dollar is facing downward pressure, causing oil prices to appreciate. The US Dollar Index struggles to halt the losing streak, hovering around 105.60. After peaking at 5.02%, the 10-year Treasury yield swiftly reversed course, dropping to 4.81% in the latest update. If US bond yields further decrease, it tends to weaken the US Dollar, making commodities priced in dollars, like crude oil, more attractive.

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