Oil prices rise amid fears over escalating tensions in Middle East

Oil prices rise in Asia due to Middle East tensions and concerns about transport disruptions on the Red Sea route. Some shipping firms are returning to the route, easing worries. However, tensions in the Middle East, particularly Iran's involvement, continue to impact the market. The market is expected to rebound in the new year, driven by expectations of a recovery in fuel demand and higher kerosene demand during winter. The Israeli military campaign in Gaza and attacks on ships in the Red Sea remain significant factors.