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October 4, 2024, 21:46

⚡️Brent Crude Rose Almost 10% Amid Escalation In The Middle East

⏺Brent, the global oil benchmark, traded just below $79 a barrel on Friday, up nearly 10% from the previous Friday on a strong four-day rally. The rise in prices comes as conflict in the Middle East escalates, raising concerns about the stability of supplies from a region that produces a third of the world's oil.

⏺Concerns about disruptions in oil supplies from Iran and through the Strait of Hormuz contributed to Brent's biggest weekly rise since October 2022. Analysts and traders fear that Israel could strike oil infrastructure, and Iran and its allies would retaliate with attacks on energy facilities in the region.

⏺OPEC+ holds more than 5 million barrels per day outside the market, which could be used in case of disruptions. The most significant supply disruption could occur if Iran decides to block tanker traffic through the Strait of Hormuz, through which about a fifth of the world's oil supplies pass.

⏺A complete blockage of the strait could lead to "unmanageable oil prices" of $150 a barrel or higher. This could have a significant impact on the global economy, analysts warn

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