• WTI price may appreciate amid rising supply fears following recent Israel's attacks on Iranian-backed militant groups.
• The escalation of attacks in the Middle East is increasing the likelihood of Iran's involvement in the conflict.
• Oil prices might have received downward pressure following the mixed Manufacturing PMI data from China.

West Texas Intermediate (WTI) Oil price holds its position around $69.20 per barrel during Monday’s Asian hours. However, crude Oil prices could appreciate amid growing concerns about potential supply disruptions from the Middle East following Israel's intensified attacks on Iranian-backed militant groups Hezbollah and the Houthis. These geopolitical tensions may lead to fears of instability in the region, potentially impacting Oil supply and driving prices higher.

Reuters reports that ANZ Research has noted that the recent escalation of attacks in the Middle East is raising the likelihood of Iran, a significant producer and member of the Organization of the Petroleum Exporting Countries (OPEC), becoming directly involved in the conflict.

Israel announced it bombed Houthi targets in Yemen on Sunday, broadening its confrontation with Iran's allies. This action follows the killing of Hezbollah leader Sayyed Hassan Nasrallah two days earlier, intensifying the ongoing conflict in Lebanon.

Oil prices might have received downward pressure following the mixed Manufacturing Purchasing Managers’ Index (PMI) data from the world’s largest crude importer China. China's Caixin Manufacturing Purchasing Managers' Index (PMI) fell to 49.3 in September, indicating contraction, down from 50.4 in August. China’s NBS Manufacturing Purchasing Managers' Index (PMI) improved to 49.8 in September, up from 49.1 in the previous month and surpassing the market consensus of 49.5.

Additionally, Oil traders are closely monitoring recent monetary measures in China aimed at stimulating economic activity and boosting energy demand. Last week, China announced to inject over CNY 1 trillion in capital into its largest state banks, facing multiple challenges. This substantial capital infusion would mark the first of its kind since the 2008 global financial crisis.