{"id":12049,"date":"2024-10-03T16:17:33","date_gmt":"2024-10-03T16:17:33","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12049"},"modified":"2024-10-03T16:17:33","modified_gmt":"2024-10-03T16:17:33","slug":"brent-crude-rose-to-76-72-cents","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12049\/","title":{"rendered":"Brent crude rose to $ 76, 72 cents."},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> prices strengthened on Thursday on investor concern that a widening Middle East conflict could pose a threat to crude oil flows from the region.<\/p>\n

Brent<\/span> crude<\/span> futures were up $2.82, or 3.82%, at $76.72 a barrel by 11:36 a.m. EDT. U.S. West Texas Intermediate crude futures rose $2.85, or 4.07%, to $72.95.<\/div>\n
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Both<\/span> benchmarks climbed by more than $3 per barrel during the session.<\/div>\n
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Brent<\/span> futures reached an intraday high of $77.65 per barrel, the strongest since Aug. 30, while WTI futures peaked at $73.95 per barrel, a one-month high.<\/div>\n
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Market<\/span> fears are mounting over the possibility that Israel might target Iranian oil infrastructure, raising the spectre of retaliation from Iran.<\/div>\n
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“<\/span>This is going to really test the mettle of the market because up until now the risk to supply has been downplayed, as there has been no disruption, so this could be a game changer,” said Phil Flynn, senior analyst for Price Futures Group.<\/div>\n
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“<\/span>It<\/span> is raising a lot of bullish questions. The market has got to buckle up its seat belts and get ready for some volatility,” he added.<\/div>\n
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There<\/span> are concerns that such escalation could prompt Iran to block the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019, said Panmure Gordon analyst Ashley Kelty.<\/div>\n
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The<\/span> strait is a key logistical chokepoint through which a fifth of daily oil supply passes.<\/div>\n
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Ministers<\/span> from Persian Gulf Arab states and Iran attended a meeting of Asian nations hosted by Qatar to discuss de-escalating hostilities between Israel and Iran, three sources told Reuters on Thursday.<\/div>\n
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The<\/span> Persian Gulf Arab states sought to reassure Iran of their neutrality in the conflict on concerns that further violence could threaten Persian Gulf oil facilities, two of the sources said.<\/div>\n
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CONFLICT<\/span> DEEPENS<\/div>\n
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Israel<\/span> bombed Beirut early on Thursday, killing at least six people, after its forces suffered their deadliest day on the Lebanese front in a year of clashes with Iran-backed Hezbollah.<\/div>\n
Israeli<\/span> Prime Minister Benjamin Netanyahu said Iran would pay for its missile attack against Israel on Tuesday while Tehran said that any retaliation would be met with “vast destruction,” stoking fears of a wider war.<\/div>\n
“<\/span>The intensifying conflict in the Middle East is generating significant supply concern in the global crude market,” Rystad Energy\u2019s chief economist, Claudio Galimberti said in a note on Thursday.<\/div>\n
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“<\/span>The potential for supply disruptions \u2013 particularly, but not exclusively from Iran \u2013 increases as the fighting intensifies,” he added.<\/div>\n
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Curbing<\/span> oil gains on Thursday, the National Oil Corp (NOC) lifted the force majeure at all Libyan oilfields and terminals, the state oil company said in a statement on its Facebook page, potentially ending a crisis that has heavily reduced oil output.<\/div>\n
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Meanwhile<\/span>, U.S. crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended Sept. 27, the Energy Information Administration said on Wednesday, compared with Reuters poll expectations of a 1.3 million barrel decline.<\/div>\n
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“<\/span>Swelling U.S. inventories added evidence that the market is well supplied and can withstand any disruptions,” ANZ analysts said in a note.<\/div>\n
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Fears<\/span> have been tempered by OPEC oil spare output capacity and the fact that global crude supplies have yet to be disrupted by unrest in the key producing region.<\/div>\n
OPEC<\/span> has enough spare capacity to compensate for a full loss of Iranian supply if Israel knocks out that country’s facilities.<\/div>\n
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