Brent futures rose by $4.89 (5.7%) to reach $90.89 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $4.78 (5.8%) to $87.69 per barrel, marking their most significant daily gains since April. Brent also saw a weekly rise of 7.5%, its largest since February, and WTI climbed 5.9% for the week.
Despite the Middle East conflict, global oil and gas supplies remain relatively unaffected since Israel isn't a major producer. However, market observers are monitoring the situation for potential regional supply impacts.
Residents in Gaza evacuated their homes after Israel ordered over a million people to leave the northern half of the territory within 24 hours, with Hamas advising against leaving.
Iran's Oil Minister, Javad Owji, predicted oil prices reaching $100 per barrel due to the Middle East situation.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Despite the Middle East conflict, global oil and gas supplies remain relatively unaffected since Israel isn't a major producer. However, market observers are monitoring the situation for potential regional supply impacts.
Residents in Gaza evacuated their homes after Israel ordered over a million people to leave the northern half of the territory within 24 hours, with Hamas advising against leaving.
Iran's Oil Minister, Javad Owji, predicted oil prices reaching $100 per barrel due to the Middle East situation.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.