Oil prices rise as Israel prepares to launch attacks on Iran

rose Oil prices After a loss of over 8% last week after a move China Again to support their economy while traders were monitoring risks related to oil supplies amid tensions in the Middle East.

The price of crude roseWest Texas Intermediate“about 2%, steady at over $70 a barrel, while crude oil rose.”Brent“The world record set above $74 per barrel. On Saturday, a Hezbollah drone exploded near the home of Israeli Prime Minister Benjamin Netanyahu. The next day, it launched a Israel a new military attack on the party’s strongholds in Lebanon. Israel also vowed to respond Iran After a missile attack at the beginning of October.

Meanwhile, banks in China, the world’s biggest oil importer, cut interest rates on top loans on Monday as part of a series of measures to boost growth. During his speech in Singapore, Amin Al-Nasser, CEO said “Saudi Aramco“He is optimistic about China’s oil consumption.

Volatility of oil

Oil prices have fluctuated significantly this month as traders assess risks to oil flows from the Middle East and signs of weak demand in China. Meanwhile, the International Energy Agency said that increased global supply could lead to a surplus next year, as the OPEC+ alliance prepares to gradually restore some of its limited production capacities. starting in December.

“Unless we see a significant escalation in the situation in the Middle East, I expect oil prices to remain under pressure, as we enter a period of stability in the markets, bringing -into next year,” said Fatih Birol, head of the International. Energy Agency, to Bloomberg on Monday.

However, traders remain tight-lipped as call options continue to trade at a premium over put options, while weekly trading volumes for call options on global Brent crude reached a second high the most recorded last week.

Prices:

• West Texas Intermediate crude for November delivery rose 1.9% to $70.56 a barrel.

• Brent crude for December delivery rose 1.7% to settle at $74.29 a barrel.