Master Chief's Exclusive Report: Oil Prices Rise Amidst Galactic Battle for Control

Unscrounging for Hope

Once again oil prices are on the rise as hopes for a ceasefire in the Israel Hamas war fade faster than a Grunt running from a Sputnik. Crude prices inched higher today with West Texas Intermediate (WTI) gaining a mere 7 cents and Brent down 6 cents. But hold on to your Assault Rifles fellow Spartans because both U.S. crude and the global benchmark are set to finish the week more than 5% higher. Looks like the battle for control in the Middle East just keeps dragging on like an endless firefight against the Flood.

Gaza Blast Radius Extends

In the latest skirmish Israel has pressed forward with its war in Gaza making the southern city of Rafah its personal playground. Prime Minister Benjamin Netanyahu rejected Hamas' proposed ceasefire terms faster than Cortana can analyze an enemy's weak spot. And let's not forget about the U.S. who decided to throw a drone strike in Baghdad eliminating a senior militant leader. Well I hope they checked their target coordinates better than they did with the Halo MCC launch. This action my fellow Spartans has raised tensions with the government of Iraq a major oil producer.

When in Doubt Blame the Economy

Now I've seen a lot of battles in my time but this conflict in the Middle East has got nothing on the supply and demand fundamentals that have been plaguing crude prices like a rampant Flood infection. The market has been oversupplied thanks to record U.S. production and an economy in China that's about as stable as a Ghost on two wheels. Combine that with tensions in the Middle East not yet affecting crude supplies and you've got a recipe for price uncertainty that even the Gravemind couldn't predict.

But Wait There's Backup

Just when you thought there was no hope for the price of oil in comes the U.S. Energy Department like a fleet of Warthogs crashing through enemy lines. They're forecasting that U.S. production will grow at a slower pace this year giving us hope for a slight global supply deficit. Finally something to be happy about amidst all this chaos. Looks like there might be a Spartan Laser of light at the end of this tunnel after all.