Oil Prices increases Due to the Israeli Aggression Against Arab People

Photo: La Vanguardia

November 1, 2024 Hour: 9:23 pm

Oil prices rose more than 2 percent this Friday after new reports of a possible Iranian retaliation against Israel following the latest attack from Tel Aviv that left four military and one civilian dead.

Amid the context of tension in the Middle East and the constant provocations of Israel against different nations in the region, futures on Brent crude, a European benchmark, rose to $74.53 per barrel, while the West Texas Intermediate (WTI) reached $71.02.

Sector sources indicate that these increases are linked to regional tensions arising from the Israeli invasion of Gaza.

On Friday, Israeli media leaked information based on Israeli intelligence sources that it claimed to have detected that Iran would be preparing an attack from Iraq in the coming days, which triggered a reaction in the energy markets.

The financial consultant, SEB Research, points out in its reports that although Iran’s reprisals may be limited to symbolic actions, the rising tensions maintain volatility in oil prices.

This price outlook also responds to expectations that the Organization of Petroleum Exporting Countries and its allies (OPEC+) will delay their plan to increase production expected for December, in the face of a slowdown in global demand and an increase in supply.

OPEC+ decisions may be confirmed at its next meeting, where it will assess the impact of the Middle East situation on markets and the desirability of changing production plans.