The prices of Oil prices rose sharply in the second part of the trading day this Thursday, and reached their highest levels since October. amid tensions in the Middle East.
He price of a barrel of Brent from the North Sea for delivery in June, which began falling on Thursday, ended with a gain of 1.45% at $90.65, a maximum since October. While, West Texas Intermediate (WTI) for May gained 1.35% to $86.59.
Oil above US$90: market “very worried”
“The market is really very concerned and trying to know if there will be an Iranian response to Israel’s attacks” against an Iranian diplomatic building in Syria, commented John Kilduff of Again Capital.
For Phil Flynn, of Price Futures Group, “geopolitical tensions rose a notch” and they affected the oil market but also stocks and safe haven values such as gold.
The American president, Joe Bidenfor the first time He raised the possibility of conditioning US aid to Israel on “tangible” measures by Benjamin Netanyahu’s government to respond to the humanitarian catastrophe in Gaza.
Both leaders spoke by phone after the death on Monday of seven volunteers from the World Central Kitchen organization in an Israeli attack. The phone call occurs in the middle of the degradation of the humanitarian situation in the Gaza Strip, besieged and on the brink of famine, where 33,037 Palestinians have died in six months of war, according to the latest balance sheet by the Palestinian group Hamas.
Biden called for an “immediate ceasefire” after the “unacceptable” attack on the aid workers’ convoy. Investors bought gold, which hit a record high of over $2,300 per ounce, and “sold stocks.”
Wall Street sank towards the close of the day, and the “oil market rallied,” summed up Phil Flynn.
Source: Ambito
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