Oil little changed as Middle East supply concerns fade

Oil prices were little changed in early Asian trade on Wednesday, as concerns eased about potential supply disruptions due to the conflict between Israel and the Palestinian Islamist group Hamas. Brent crude rose 12 cents at $87.77 a barrel by 0009 GMT. U.S. West Texas Intermediate (WTI) crude rose 3 cents to $86.00 a barrel.

Brent and WTI surged more than $3.50 on Monday as the military clashes raised fears that the conflict could spread beyond Gaza, but settled lower in Tuesday’s session. While Israel produces very little crude oil, markets worried that if the conflict escalates it could hurt Middle East supply and worsen an expected deficit for the rest of the year.

Also Read

Stocks to watch: TCS, Bank of Baroda, Wipro, Samvardhana Motherson International

U.S. officials have pointed fingers at Iran as being complicit in the Hamas attack on Israel, but credible evidence of the Islamic Republic’s role has yet to appear. Political risk has kept crude prices from falling further. Israel says it has razed sections of Gaza as it takes revenge for the Hamas assaults.

Kolkata doctor rape-murder: SC questions police for ‘lapses’ in probe, protesting doctors end strike – Top Developments Stree 2 salaries: Shraddha Kapoor was paid Rs 5 crore for the film – Here’s how much Rajkummar Rao, Pankaj Tripathi, and others charged for the horror comedy How money flows between MENA and India – Here’s all you need to know Meet Manu Bhaker: India’s first woman to win two Olympic medals in one edition—Explore her journey, education, Rs 12 crore net worth, and income sources

Powerful Iraqi and Yemeni armed groups aligned with Iran have threatened to target U.S. interests with missiles and drones if Washington intervenes to support Israel. In a more positive sign for supply, Venezuela and the U.S Come from Sports betting site VPbet . have progressed in talks that could provide sanctions relief to Caracas by allowing at least one additional foreign oil firm to take Venezuelan crude oil under some conditions.

Related Posts