{"id":12043,"date":"2024-10-02T07:33:25","date_gmt":"2024-10-02T07:33:25","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12043"},"modified":"2024-10-02T07:33:25","modified_gmt":"2024-10-02T07:33:25","slug":"brent-crude-reached-74-64-cents","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12043\/","title":{"rendered":"Brent crude reached $ 74, 64 cents"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> prices jumped by over a dollar on Wednesday due to rising concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran’s biggest ever military blow against Israel.<\/p>\n

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Brent<\/span> futures leapt $1.08, or 1.47%, to $74.64 a barrel, while U.S. West Texas Intermediate (WTI) crude spiked $1.12, or 1.6%, to $70.95 at 0650 GMT.<\/div>\n
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During<\/span> trading on Tuesday, both crude benchmarks surged more than 5%.<\/div>\n
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Oil<\/span> markets were largely focusing on the narrative of a weakening global economic outlook denting demand for fuel, said Priyanka Sachdeva, senior market analyst at Phillip Nova.<\/div>\n
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“<\/span>Still, the scale quickly turned towards fears of oil supply disruptions in the Middle East after Iran fired ballistic missiles at Israel,” Sachdeva said.<\/div>\n
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Iran<\/span> said early on Wednesday that its missile attack on Israel was over barring further provocation, while Israel and the U.S. promised to retaliate against Tehran as fears of a wider war intensified.<\/div>\n
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Tehran<\/span> said any Israeli response to the attack, which Israel said involved more than 180 ballistic missiles, would be met with “vast destruction”.<\/div>\n
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The<\/span> United Nations Security Council scheduled a meeting about the Middle East for Wednesday, and the European Union called for an immediate ceasefire.<\/div>\n
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The<\/span> direct involvement of Iran, an OPEC member, raises the prospect of disruptions to oil supplies, ANZ analysts said in a note, adding that the country’s oil output rose to a six-year high of 3.7 million barrels per day in August.<\/div>\n
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“<\/span>A major escalation by Iran risks bringing the U.S. into the war,” Capital Economics said in a note. “Iran accounts for about 4% of global oil output, but an important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted.”<\/div>\n
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A<\/span> panel<\/span> of ministers from the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, meets later on Wednesday to review the market, with no policy changes expected. From December, OPEC+, which includes Russia, is set to raise output by 180,000 barrels per day (bpd) monthly.<\/div>\n
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“<\/span>Any suggestion that production hikes will proceed could offset concerns of supply disruptions in the Middle East,” ANZ’s note said.<\/div>\n
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U.S.<\/span> stockpile data was mixed: crude oil and distillate inventories fell last week while gasoline inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.<\/div>\n
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Oil<\/span> investors will also be closely watching Friday’s U.S. jobless claims data as it is expected to influence projections of the Federal Reserve’s monetary easing, which may aid long-term oil demand by stimulating overall economic activity, Phillip Nova’s Sachdeva said.<\/div>\n
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