Global oil prices rose, affected by an assassination attempt on former US President and potential candidate Donald Trump.

This assassination led to a slight rise in the price of the dollar due to the uncertainty regarding the upcoming electoral period, which consequently led to an increase in the prices of non-American commodities, including oil.

Among the factors that led to the rise in oil prices in addition to the assassination of Trump is the voluntary decline of OPEC+ member states in a large way this year, while global demand for fuel has increased due to the rise in temperature around the globe in general and in particular in the northern hemisphere.

The oil market is also experiencing a state of uncertainty due to the Third General Conference of the Communist Party in China, which is the largest importer of oil in the world. Therefore, there is fluctuation in future expectations for oil prices, as the priorities of the Chinese state will be determined after this conference in terms of supplying and importing oil.

Despite short-term concerns, option indicators indicate continued strength in demand for oil. We have witnessed a noticeable rise in the price premium between two consecutive contracts for Brent crude, with the premium for the closest contract reaching 97 cents per barrel, nearly double what it was a month ago.