After Hamas launched its major onslaught on Israel over the weekend, worries about potential supply shocks from the region rich in crude oil caused oil prices to rise by more than four percent.
American citizens who are already confronted with elevated gasoline prices will now need to prepare themselves for a further upsurge.
Meanwhile Biden drained our strategic reserves & shut down U.S. energy production https://t.co/KhS5MVzyRy
— Josh Hawley (@HawleyMO) October 9, 2023
— Investing.com (@Investingcom) October 9, 2023
In early Asian trading, West Texas Intermediate is up 4.5 percent at $88.39 and Brent is up 4.7 percent at $86.65, according to Times of Israel.
Concerns have been made that a possible expansion of the conflict could involve Iran and the United States following the surprise attack that killed 700 Israelis, many of them civilians, and Israel’s subsequent declaration of war.
“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” says ANZ Group’s Brian Martin and Daniel Hynes.
“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”
JUST IN: OIL PRICES SURGE BY OVER 4.5%
Conflict in the Middle East has caused oil prices to spike prior to the opening of markets on Monday morning, which will inevitably lead to an increase in gas prices that are already choking Americans.
Joe Biden has drained the… pic.twitter.com/cnfQPKAI2X
— Nick Sortor (@nicksortor) October 9, 2023
“Oil will go back to $100 a barrel within the next few months”: TJM Industrials Services Director James Iuorio joins “Mornings with Maria” on oil prices rising after the attacks on Israel. pic.twitter.com/Cs2V66rOp7
— Mornings with Maria (@MorningsMaria) October 9, 2023
“Oil prices have been a veritable rollercoaster in just the past 10 days,” but that “In retrospect, last week’s oil tumble now seems like ancient history, and after Saturday’s unprecedented events in Israel, oil has moved sharply higher after the weekend attack by Hamas against Israel, with Brent topping $88 a barrel to repair some of last week’s heavy losses, and according to some, set to continue rising until it tops $150.”
Goldman analysts predicted oil to get to $100 by mid-2024.
Nevertheless, it is anticipated that the aforementioned figure may see further escalation subsequent to the recent military actions carried out by Israel.
According to Benjamin Netanyahu, the Prime Minister of Israel, his nation is commencing a protracted and arduous conflict against Hamas militants.
May is levying allegations against the Biden administration, asserting that Hamas militants were able to obtain weaponry employed in the lethal assaults on Israel subsequent to the tumultuous pullout from Afghanistan in 2021.
The weapons that were abandoned in Afghanistan subsequent to President Biden’s evacuation have the potential to have supplied arms to the Hamas militants.
In contrast, President Donald Trump strongly criticized the agreement established by Joe Biden with the government of Iran, which is associated with acts of terrorism.
“Can you believe that Crooked Joe Biden is giving $6 Billion to the terrorist regime in Iran?
That money be used for terrorism all over the Middle East and, indeed, the World.
This incompetent FOOL is absolutely destroying America.”
“He had the audacity to announce this terrible deal today, September 11,” Trump continued.
“To pay for hostages will lead to kidnapping, ransom, and blackmail against Americans across the globe.
I freed many dozens of our people from various unfriendly countries and never paid a dime!”
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