Oil prices rose, driven by optimism around China’s economic stimulus measures and efforts to negotiate a ceasefire in the Middle East. The global oil market reacted positively to news of China's efforts to support its slowing economy, with expectations that increased spending could boost energy demand in the world’s second-largest oil consumer. Additionally, attempts to establish a ceasefire in the Middle East brought hope of reducing the region's supply disruptions, adding to the upward pressure on crude oil prices.

The announcement of economic support measures from China, including incentives to stimulate domestic consumption and infrastructure investments, has sparked speculation of rising oil consumption. As China is a major player in the global energy market, any policy that enhances its economic activity can significantly influence oil demand and subsequently global oil prices.

Alongside China's economic measures, international efforts to mediate peace in the Middle East, which has been gripped by conflicts affecting oil supplies, helped ease concerns about geopolitical risks. While the situation remains uncertain, the potential for reduced conflict in the region could stabilize oil supplies and further support price increases.

Both Brent crude and West Texas Intermediate (WTI) benchmarks saw gains in response to these developments, with investors optimistic about a rebound in demand from China and peace prospects in key oil-producing regions. The oil price increase follows recent fluctuations caused by global economic uncertainty and the impact of geopolitical tensions.

Despite the current rise in oil prices, experts caution that the oil market remains volatile. Factors such as the pace of China’s economic recovery, the success of diplomatic negotiations in the Middle East, and ongoing concerns about global inflation will continue to influence price trends in the short to medium term.

The OPEC+ alliance is also likely to keep a close eye on these developments as they manage their output strategies, balancing between stabilizing oil prices and addressing supply chain concerns across the energy sector.