Created
: 2024.09.25
2024.09.25 00:25
Oil prices rose by 4% (Brent) and 4.8% (WTI) last week. For Brent, it was the strongest weekly increase since April, for WTI since February. However, this only partially reversed the heavy losses seen at the beginning of September, Commerzbank's commodity analyst Carsten Fritsch notes.
"Both Brent and WTI are still trading below the levels seen at the end of August. The latest escalation of the Middle East conflict is driving up prices. Over the weekend, there were heavy clashes between Israel and the Shiite terrorist militia Hezbollah in southern Lebanon. The trigger was the killing of numerous Hezbollah members by targeted explosions of communication devices last week, for which Israel is being blamed."
"The Middle East conflict has been going on for almost a year now, without any significant supply disruptions on the oil market. The attacks by Houthi rebels in the Red Sea on merchant ships and oil tankers have only led to a realignment of transport routes and to delays in shipments. Oil producers remain not directly involved in the conflict. This applies only indirectly to Iran, which supports the Houthi rebels in Yemen, Hamas and Hezbollah."
"However, oil supplies from Iran have actually increased further in recent months despite the still-existing US sanctions. It is unlikely that the conflict between Israel and Hizbollah will lead to supply disruptions in the oil market, unless a further escalation results in an Israeli attack on Iran's oil infrastructure or Iran impedes passage through the Strait of Hormuz. We still consider the risk of this to be very low. In our opinion, there is con the oil price and a further price increase."
Created
: 2024.09.25
Last updated
: 2024.09.25
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy