7.8 C
London
Thursday, December 12, 2024
HomeNewsMiddle EastOil prices surge amid Middle East tensions

Oil prices surge amid Middle East tensions

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...

Singapore, April 19 – Oil prices rose sharply on Friday morning in response to rising tensions in the Middle East. Israeli and Iranian attacks have raised concerns about disruptions to oil supplies, leading to a price increase of more than 2% per barrel.

Reasons for the price increase:

  • Escalation of the conflict between Israel and Iran following mutual attacks.
  • Fears of disruptions to oil supplies from the Middle East.
  • Strengthening of the US dollar, which makes oil more expensive for buyers in other currencies.

Current prices:

  • Barrel of US WTI oil: $84.53 (€79.15)
  • Barrel of North Sea Brent oil: $88.72

Outlook:

Oil prices are expected to remain volatile until tensions in the Middle East are resolved. A further rise in prices could be caused by a shortage of oil on the market, while a decline could be caused by a fall in demand or a strengthening of the global economy.

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