Oil prices rose on Tuesday, April 23, benefiting from several political and economic factors that have strengthened during the recent period. Prices began to rise since the previous session; The price of global benchmark Brent crude rose by 88 cents to reach $88.68 per barrel, and the price of US West Texas Intermediate crude increased by 72 cents to reach $83.33 per barrel by 09:00 GMT.

Markets received additional support from positive economic data from the Eurozone. It recorded its fastest growth in nearly a year; Which indicated an improvement in energy demand. The ongoing tensions in the Middle East also contributed to supporting prices, especially after the Iranian missile and drone attack on Israel this month, and the European Union responded by imposing new sanctions on Tehran.

On the other hand, the US Senate intends to study a foreign aid package that includes imposing new sanctions on the Iranian oil sector. Which increases tensions in the region and increases geopolitical risks.

Markets are eagerly awaiting important economic data from the United States this week, including first-quarter GDP and CPI data; It will provide indicators about the direction of the US Federal Reserve's monetary policy.

Oil prices are expected to rise thanks to a combination of factors, including strong economic growth in Europe and geopolitical tensions in the Middle East, along with market expectations for oil supplies.

Regarding oil supplies, preliminary polls expect US crude oil inventories to increase last week, while refined product inventories are likely to decline.