Big news about oil prices
September 30, 20241 Min Read

International Desk: Israel's continued attacks on the Palestinian Hamas and Iran-backed Hezbollah have threatened to disrupt the supply system in the Middle East. As a result, the price of oil has increased in the world market since Monday (September 30).

Oil

The price of crude oil to be delivered in November has increased by 1.12 dollars per barrel. As a percentage, it rose 1.56% to $73.10.

In addition, the price of crude oil for delivery in December increased by 1.45 percent to 72.58 dollars.

Apart from this, the price of US West Texas Intermediate Brent crude oil per barrel increased by 93 cents to 69.11 dollars.

"Oversupply is a major concern for the oil market," said Priyanka Sachdeva, senior market analyst at Philip Nova. Investors are widely concerned that the Middle East region-wide conflict could affect supplies in key producing regions.

Hamas said its leader was killed in an Israeli strike in Lebanon, and another Palestinian group said three of its leaders were killed in an attack in Beirut.

Earlier, Israel launched airstrikes on Yemen's Houthi militia and dozens of Hezbollah targets across Lebanon on Sunday after killing a Hezbollah leader.

Market analyst Tony Sycamore said oil prices will continue to rise due to supply and demand dynamics in the context of Israel's final attack on Hezbollah.

Source: Reuters