rose Oil prices Following a report that Iran may be preparing to attack Israel from Iraqi territory in the coming days, the market has turned its focus back to the possibility of supply disruptions as a result of the war in the Middle East. .
West Texas Intermediate crude oil rose as much as 3.2% on Friday, before paring its gains to settle below the $70 a barrel level, rising 0.3% during the session, while the price rose Brent crude 0.4% to settle near the $73 level.
Oil prices fell 3.2% on the week, following Israel’s limited attack on Iran over the weekend, dampening some traders’ expectations that the conflict could threaten the country’s energy infrastructure. area But after Monday’s sharp decline, some analysts warned that the market had “cooled too quickly,” and there were signs on Friday that oil options markets were returning to big prices for bullish calls.
Keep track of geopolitical developments in the Middle East
Iran is planning an attack through armed groups it supports in Iraq, and the attack is expected to be carried out using drones and ballistic missiles, according to the Axios website, citing two unnamed Israelis. While Thursday’s report led to a rise in futures prices, the gains were subdued as traders were skeptical about the likelihood and extent of a potential conflict.
Pavel Molchanov, an analyst at Raymond James & Associates, said Israel and Iran were holding “a half-planned show of force trying to show force without provoking an external war, but nevertheless , the top daily news streams from the Middle East. has been strong.” “.
Oil prices also pared their gains after US economic data showed the country added fewer jobs than expected last month, although the numbers were skewed by storms and labor disputes.
Developments in the Middle East this week suggest a possible easing of hostilities, as Israel also considers a US-led proposal to end the conflict in Lebanon . However, Israel’s military said the country would respond “with extreme violence” if it attacked Iran again.
Highlights
The oil market is awaiting several key events, including the US presidential election, the meeting of China’s top legislative body next week, and the expected OPEC+ decision on production should gradually resume starting in December. Macquarie analysts said in a note that market participants are underestimating US production, which hit new highs on Thursday.
Meanwhile, manufacturing activity in China rose unexpectedly in October despite a week-long holiday. The readings provide a sign of stability after Beijing launched a stimulus package to support the economy. In another sign of improving confidence, sales of residential properties in the country rose last month, the first year-on-year increase in 2024.
2024-11-01 19:56:00
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