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Ukrainian Strike Targets Key Russian Missile Facility in Deep-Range Operation

    An employee controls an unmanned ground vehicle during an exhibition of Ukrainian drone makers, amid Russia's attack on Ukraine, in an undisclosed location Ukraine says it carried out a long‑range strike against a major Russian ballistic missile production site, marking one of Kyiv’s deepest attacks inside Russian territory since the full‑scale invasion began. According to Ukrainian security officials, the operation targeted a facility involved in manufacturing components for Russia’s Iskander missile systems—munitions frequently used against Ukrainian cities. While Moscow has not confirmed the strike, Russian regional authorities reported explosions and a subsequent fire at an industrial site. Kyiv has increasingly relied on domestically produced long‑range drones and missiles as Western military aid faces delays, and Ukrainian officials framed the attack as part of a broader effort to degrade Russia’s ability to wage war. The strike underscores Ukraine’s evolving stra...
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Oil Prices Surge Amidst Middle East Tensions and Unexpected U.S. Stock Data

 

Oil prices rallied today as geopolitical tensions in the Middle East and surprising developments in U.S. fuel stocks captured investors’ attention. Here’s a brief overview of the factors driving the market:

1. Gaza Ceasefire Rejection: Israeli Prime Minister Benjamin Netanyahu’s rejection of the latest Hamas ceasefire offer escalated tensions in the region. The counter offer from Hamas and the return of hostages held in the Gaza Strip were met with defiance. U.S. Secretary of State Antony Blinken, however, indicated that there is still room for negotiation. Diplomatic efforts continue, with a Hamas delegation arriving in Cairo for ceasefire talks with mediators Egypt and Qatar. Meanwhile, Jordan’s King Abdullah is set to meet U.S. President Joe Biden, advocating for an end to the ongoing conflict.

2. Unexpected Drops in U.S. Fuel Stocks: The Energy Information Administration reported a stronger-than-expected drawdown in U.S. gasoline and middle-distillate stocks. Distillate stockpiles fell by 3.2 million barrels, while gasoline stocks declined by 3.15 million barrels. These declines, coupled with a rise in crude stocks, suggest U.S. refinery maintenance. Analysts had anticipated a more modest reduction in fuel inventories, making this data a surprise for the market.

3. Market Response: Brent crude futures breached the $80-per-barrel mark for the first time since February 1, rising 81 cents to $80.02. U.S. West Texas Intermediate crude futures followed suit, climbing 72 cents to $74.58. The recent strength in oil prices can be attributed to the Israeli response to the Hamas counter offer, ensuring that hostilities in the Red Sea persist.

Wider Middle East tensions have kept the market on edge since October, with limited progress in resolving the Gaza conflict. As the Israeli military intensifies strikes in the southern border city of Rafah, where more than half of Gaza’s population seeks refuge, oil markets remain sensitive to geopolitical developments.

In summary, the rejection of the Gaza ceasefire offer and unexpected drops in U.S. fuel stocks have combined to propel oil prices upward. Investors will closely monitor further developments in the Middle East and any shifts in global supply dynamics.


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