Middle East Tensions Ignite Oil Prices In Global Markets
Energy Economy News – Baghdad Oil prices extended gains on Monday, supported by mounting concerns about potential supply pressures from Middle East producers after increased Israeli attacks on Iranian-backed forces in the region.
Brent crude futures for November delivery rose 51 cents, or 0.71 percent, to $72.49 a barrel by 0330 GMT.
Brent expires on Monday and the most active contract for December delivery rose 50 cents, or 0.7 percent, to $72.04.
U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.63 percent, to $68.61 a barrel.
Prices were supported on Monday by the prospect of a widening conflict in the Middle East with Iran, a major producer and member of the Organization of the Petroleum Exporting Countries (OPEC), after Israel intensified its attacks on Hezbollah and Iranian-backed Houthi militias.
Later Monday, markets will be looking to hear from Federal Reserve Chairman Jerome Powell for clues on the pace of monetary policy easing. 131 views 09/30/2024 - https://economy-news.net/content.php?id=48150
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