Oil prices continue to rise due to the security situation in the Middle East.
Oil prices rose for a fifth straight session, holding on to gains of more than 3% last week as fears of a US recession eased and geopolitical tensions in the Middle East supported the price. Reuters wrote this on Monday, August 12.
Brent crude futures were up 22 cents, or 0.3%, at $79.88 a barrel, and US West Texas Intermediate crude futures were up 36 cents, or 0.5%, at $77.20.
According to IG Markets analyst Tony Sycamore, there is great concern about when Iran might retaliate against Israel for killing key leaders of Hamas and Hezbollah.
Let’s remember that last week Brent rose more than 3.5%, while WTI (West Texas Intermediate) rose more than 4% thanks to favorable economic data and increased expectations for a cut in interest rates by US.
The collapse of the oil and gas economy is predicted in the Russian Federation
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.