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The oil market reacted to the war with Israel

The oil market reacted to the war with Israel

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A rise in oil prices following rising geopolitical risks in the Middle East reversed last week’s trend.

Oil prices rose nearly 3% amid Hamas attacks on Israel and geopolitical risks to fuel supplies. This was confirmed by trading data on the morning of Monday, October 9.

Thus, futures for Brent oil for December rose by $2.34 (2.77%) to $89.22 per barrel on the London ICE Futures exchange.

In turn, November futures for WTI on the New York Mercantile Exchange NYMEX rose $2.52 (3.04%) to $85.31 a barrel.

Reuters writes that rising oil prices following rising geopolitical risks in the Middle East reversed last week’s trend, with Brent falling around 11% and WTI falling more than 8 % amid concerns about high interest rates and their impact on global demand. . The decline was the largest since March.

Now at risk are US efforts at a rapprochement between Saudi Arabia and Israel, where the kingdom would normalize relations with the Israelis in exchange for a defense pact between Washington and Riyadh.

Saudi Arabian officials reportedly told the White House on October 6 that they were willing to increase production next year as part of a proposed deal with Israel. That could help ease tensions after months of supply cuts from major producers Saudi Arabia and Russia.

However, the normalization of Saudi-Israeli relations is likely to freeze recent steps toward détente between Saudi Arabia and Iran, which has openly approved Hamas attacks.

Market analysts are concerned that oil supplies could be reduced if Iran becomes involved in the conflict.

We remind you that on the morning of October 7, Hamas militants carried out a massive rocket attack on Israel and penetrated its territory.

In response, the Israeli army announced the start of Operation Iron Swords and attacked the group’s targets in the Gaza Strip.

According to the latest data, as a result of the fighting on both sides, more than 1,100 people have died, and several thousand more have been injured.

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Source: korrespondent

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