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Oil prices face ceiling despite rising Middle East tensions [ANALYSIS]

Geopolitical events around the world, particularly the potential for conflict between the United States and Iran, have once again brought oil prices and their future trajectory into focus. While oil prices are fundamentally driven by supply and demand, they are equally sensitive to geopolitical developments. Any confrontation involving Iran would almost certainly push prices higher, though it is impossible to predict exactly how high they could go. Meanwhile, developments in the global economy continue to generate conflicting forecasts about oil’s path.