6.2 C
London
Tuesday, December 3, 2024
HomeNewsOil prices rise after Iran president's death and Saudi uncertainty

Oil prices rise after Iran president’s death and Saudi uncertainty

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

 Singapur 20. mája – Oil prices rose on Monday morning, with Brent crude prices breaking above $84 a barrel. The price increase is due to political uncertainty in key producing countries.

In Iran, President Ebrahim Raisi was killed in a helicopter crash. The Iranian foreign minister, Hossein Amir Abdollahian, was also killed in the crash. This event has raised concerns about stability in the region and the potential for disruption to oil supplies from Iran.

In Saudi Arabia, Crown Prince Mohammed bin Salman has postponed a visit to Japan due to the deteriorating health of King Salman. This postponement comes at a time when OPEC+, the oil producers’ group in which Saudi Arabia has a dominant influence, is expected to make a decision on production policy soon.

Markets expect oil prices to remain volatile until the situation in Iran and Saudi Arabia becomes clearer. Another factor that will affect oil prices is the OPEC+ decision on production. Analysts expect the cartel to decide to maintain current production levels, but there is also a possibility that it will increase production slightly to meet growing demand.

Oil prices could remain above $80 a barrel in the coming weeks if geopolitical uncertainty remains high. However, if OPEC+ increases production, prices could moderate slightly.

In addition to geopolitical factors, economic factors also affect oil prices. Positive economic data from the US and China, the world’s two largest oil consumers, suggests that oil demand could grow in the coming months. This could lead to a further increase in oil prices.

Oil markets will be watching developments in Iran, Saudi Arabia and the OPEC+ meeting closely to see what impact these factors will have on oil prices in the future.

Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories