Israel-Hamas War: Brent futures dropped 0.4% to $90.55 per barrel, U.S. (WTI) crude fell 0.5% to $87.28 barrel

Here we are sharing a piece of big news with you oil costs decreased on Monday, 16 October 2023, partly changing Friday’s protest because investors were waiting to see if the Isreal- Hamas war marks in other nations. Which might increase the prices and deal a new blow to the international thrift. Since the news has come on the internet and has gone viral on the social media platforms. Now lots of people are searching for the news as they are super curious to know about the news. Here we have more information about the news and we will share it with you in this article.

Israel-Palestine conflict

Brent Futures sold 34% or 0.4% to $90.55 per barrel and U.S. West Texas Intermediate (WTI) crude fell 41% or 0.5% to $87.28 a barrel by 0048 GMT. Both benchmarks increased almost 6% on Friday, posting their most heightened everyday share profits since April, as investors cost in the case of a wider Middle East conflict. For the week, Brent recorded a gain of 7.5% while WTI climbed 5.9%. Currently, this news has been gaining huge attention from the people. Scroll down to the next page for more information about the news.

Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities stated “Investors have been trying to figure out the effect of the conflict while a large-scale ground attack has not started after the 24-hour deadlines that Isreal first notified citizens of the northern half of Gaza to flee to the south. The impact that can involve oil-producing nations has been factored into the costs to some extent, but if an actual ground invasion were to happen and have an impact on oil supply, the worth could easily exceed $100 a cask. You are on the right page for more information about the news, so please read the complete article.

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As far as we know, the competition in the Middle East has had little effect on international oil and gas reserves, and Israel is not a major producer. But the battle between the Islamist group Hamas and Israel poses the most important geopolitical risks to oil markets since Russia’s attack on Ukraine the previous year, amid concerns about any potential escalation involving Iran. Limiting failures in oil prices was the U.S. move last week to impose the first sanctions on owners of tankers carrying Russian oil priced above the G7’s cost cap of $60 a barrel. Here we have more information about the news, so please read the complete article.

Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.