Geopolitical concerns in the Middle East and investor anticipation of the US Federal Reserve’s interest rate decrease have boosted global economic growth and gasoline demand, stabilizing oil prices.

Brent crude futures increased by 0.1% to $79.17 a barrel, while West Texas Intermediate fell by 0.3% to $73.31. The Israel-Hamas crisis continues, and shipping corporations stopped sending ships across the Red Sea.

Iran refuted a US claim of a drone hitting a chemical tanker in the Indian Ocean.