Oil prices saw a rebound, snapping a three-day losing streak, as renewed conflict in the Middle East heightened concerns over potential disruptions to global energy supplies. The escalating tensions in the region, a critical hub for oil production and transit, have reignited fears of supply constraints, pushing crude futures higher.

Analysts are closely monitoring the geopolitical landscape, as any significant impact on oil infrastructure or shipping routes could lead to further price volatility. The market is also factoring in broader economic indicators, including inflation data and central bank policies, which continue to influence demand expectations.

Against this backdrop, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are set to meet soon to discuss production levels. Their decisions will be crucial in balancing market supply and demand, especially given the current geopolitical uncertainties. The US dollar's performance also plays a role, with a stronger dollar typically making oil more expensive for holders of other currencies.

Traders are weighing these competing factors, seeking clarity on both the supply-side risks from the Middle East and the demand-side outlook influenced by the global economy. The coming weeks will be critical for understanding the trajectory of oil prices.