Global oil prices have risen since Monday, driven by China’s fresh moves to boost its economy and as traders tracked an uncertain future for Syria and the wider crude-rich Middle East. Oil prices climbed by nearly 2 per cent on Monday as markets reacted to geopolitical and economic developments, including the ongoing crisis in Syria and policy shifts in China.
The surge followed reports of Syrian President Bashar al-Assad fleeing the country over the weekend as Islamist-led rebels advanced into Damascus. This political upheaval raised concerns about potential disruptions to oil supply in the region, driving up prices.
Meanwhile, in China, President Xi Jinping and senior officials announced plans to adopt a more “relaxed” monetary policy to stimulate the economy in 2024.
The decision comes as the world’s second-largest economy faces mounting challenges, including weak domestic consumption, a lingering property crisis, and rising government debt. These factors have put Beijing’s official growth targets for the year under significant pressure.
Global markets are also closely watching the implications of Donald Trump’s second term as US president. The president-elect has signalled a return to his aggressive trade policies, sparking fears of renewed tensions between the US and China, two of the world’s largest economies.
“This is a historic day in the history of the Middle East,” Benjamin Netanyahu, Israel’s Prime Minister, said on Sunday. “Together with the Defense Minister, and with full backing from the Cabinet, I directed the IDF yesterday to take control of the buffer zone and the dominant positions near it,” he said, adding “We will not allow any hostile force to establish itself on our border.”