WTI passes the $84.00 as US military strikes on Iranian targets in Syria

• Crude oil recovers from the recent losses on heightened concerns in Middle-East conflict.
• Israeli armed forces carried out the most significant attack on Gaza since the war broke.
• US Dollar Index retreats from the weekly high as US Treasury yields decline.

Western Texas Intermediate (WTI) trades higher near $84.10 per barrel during the Asian session on Friday. The rebound in crude oil prices follows the United States (US) military strikes on Iranian targets in Syria, heightening concerns of an escalation in the Israel-Hamas conflict. Market participants are apprehensive about the potential impact on Middle Eastern countries producing crude oil.

Additionally, the Israeli armed forces launched the most significant overnight attack on Gaza since the conflict began, a move that has the potential to provoke anger among Arab nations. Additionally, Israel Prime Minister Benjamin Netanyahu's announcement of preparations for a ground assault in Gaza might have contributed to a further decline in market sentiment.

However, diplomatic missions to Israel are actively working to prevent a planned ground assault on Gaza and are engaged in negotiations for the release of approximately 200 hostages held by Hamas.

The US Dollar Index (DXY) pulls back from the weekly high as US Treasury yields decline. The index bids near 106.60 at the time of writing, with the 10-year US Bond yield standing at 4.85% by the press time, retreating from 4.98% marked in the previous session.

Moreover, the upbeat US preliminary Gross Domestic Product (GDP) Annualized data could reinforce the strength of the Greenback. The report showed an increase of 4.9% in the third quarter against the previous reading of a 2.1% expansion and the 4.2% expectations.

Furthermore, the release of the US Core Personal Consumption Expenditures (PCE) data will be eyed on Friday, seeking additional insights into the overall economic landscape in the United States.