• WTI breaks its losing streak due to rising concerns over supply constraints amid Middle East tensions.
• Hamas appointed a new leader in Gaza on Tuesday after the assassination of its former chief the previous week.
• API Weekly Crude Oil Stock reported an increase of 0.18 million barrels against the expected 0.85 million barrels.

West Texas Intermediate (WTI) crude Oil ends a four-day losing streak, trading around $72.50 per barrel on Wednesday. The Oil prices are getting support from rising concerns about supply constraints due to ongoing geopolitical tensions in the Middle East.

Hamas named Yahya Sinwar as its new leader in Gaza following the assassination of former chief Ismail Haniyeh on Tuesday. There are concerns about potential escalation in the region, with Iran and its allies—Hamas and Hezbollah—vowing retaliation against Israel and the United States for the killing of the Hamas leader, according to Reuters.

However, the potential for a rebound in Oil prices may be limited by bearish demand sentiment. Chinese trade data showed that daily crude Oil imports in July fell to their lowest level since September 2022, affecting the world’s largest crude importer.

The American Petroleum Institute (API) reported an increase of 0.18 million barrels in the Weekly Crude Oil Stock for the week ending August 2, falling short of the expected 0.85 million barrels. This follows a previous decline of 4.495 million barrels. Additionally, the US Energy Information Administration is set to release its Crude Oil Stocks Change report later in the North American session.