{"id":5259,"date":"2023-10-25T07:43:03","date_gmt":"2023-10-25T07:43:03","guid":{"rendered":"https:\/\/inbudgetalerts.com\/investment\/brent-oil-ends-below-90-a-barrel-as-traders-monitor-efforts-to-contain-israel-hamas-war\/"},"modified":"2023-10-25T07:43:04","modified_gmt":"2023-10-25T07:43:04","slug":"brent-oil-ends-below-90-a-barrel-as-traders-monitor-efforts-to-contain-israel-hamas-war","status":"publish","type":"post","link":"https:\/\/inbudgetalerts.com\/?p=5259","title":{"rendered":"Brent oil ends below $90 a barrel as traders monitor efforts to contain Israel-Hamas war"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002644127\" role=\"document\">\n<p>Oil futures settled lower on Monday, logging their biggest daily decline since early October as traders monitored diplomatic efforts aimed at ensuring the Israel-Hamas war doesn\u2019t spiral into a wider regional conflict.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for December delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.47%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.47%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-0.47%<\/bg-quote><br \/>\n       fell $2.59, or 2.9%, to settle at $85.49 a barrel on the New York Mercantile Exchange. It was the largest one-day percentage decline since Oct. 4 for the U.S. benchmark, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.36%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"negative\">-0.39%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was off $2.33, or 2.5%, to end at $89.83 a barrel on ICE Futures Europe, also booking its biggest daily percentage drop since Oct. 4. <\/p>\n<\/li>\n<li>\n      November gasoline\u00a0<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"negative\">-0.22%<\/bg-quote><br \/>\n       lost 4.5 cents, or 1.9%, to finish at $2.3285 a gallon, snapping a six-session winning streak, while November heating oil\u00a0<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"negative\">-1.40%<\/bg-quote><br \/>\n      \u00a0declined by 6.1 cents, or 1.9% to settle at $3.0955 per gallon.<\/p>\n<\/li>\n<li>\n      November natural gas\u00a0<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"positive\">+0.13%<\/bg-quote><br \/>\n      \u00a0rose 2.7 cents, or 0.9%, to end at $2.926 per million British thermal units, snapping an eight-session losing streak, according to Dow Jones Market Data.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil futures have rallied since Oct. 7, when the Palestinian militant group Hamas launched surprise cross-border raids on Israel from Gaza, pushing the region to the precipice of a dangerous abyss.<\/p>\n<div class=\"paywall\">\n<p>Israel intensified an aerial bombing campaign of the Gaza Strip, where the death toll has topped more than 4,600 over the past two weeks, according to the Wall Street Journal. Israel has yet to mount a widely anticipated ground incursion into the enclave, as the Biden administration has advised the country to delay the invasion\u00a0to allow for more time for\u00a0hostage negotiations\u00a0and\u00a0humanitarian aid. <\/p>\n<p>On Saturday, 20 trucks entered Gaza in the first shipment of aid into the territory, while\u00a0Israel allowed a second convoy of 15 trucks into Gaza on Sunday.<\/p>\n<p><strong>See: <\/strong>Israel strikes Gaza, Syria and West Bank as war against Hamas threatens to ignite other fronts<\/p>\n<p>The de-escalation efforts follow a strong week for oil, with both Brent and WTI up more than 1%. Last week, a missile strike on a Gaza hospital killed hundreds of Palestinians just before U.S. President Joe Biden visited the Middle East. A summit between Palestinian, U.S., Jordanian and Egyptian leaders was canceled shortly before Biden departed for Israel. <\/p>\n<p>Analysts and traders said they expect price action to remain volatile, with fears of a potential spillover that could involve Iran unlikely to be fully dispelled. A conflict that involves Iran would likely see renewed scrutiny of that country\u2019s crude-oil exports, which experts said have likely climbed back to around 2 million barrels a day after being decimated by the re-imposition of sanctions by the Trump administration in 2018.<\/p>\n<p>A worst-case scenario \u2014 Iran closing the Strait of Hormuz, a crucial oil-transportation chokepoint \u2014 could have an even larger effect on crude prices, analysts have warned.<\/p>\n<p>\u201cSupply-side worries drove the recent rally in crude prices, with many fearing that a protracted war, which could spill over across the Middle East, would lead to a reduction of supply in the global oil market,\u201d Ricardo Evangelista, senior analyst at ActivTrades, said in a note.<\/p>\n<p>\u201cRecent diplomatic developments helped ease tensions, bringing some hope of a de-escalation in the war. However, the situation remains volatile, and oil prices will likely remain supported and dominated by upside risk,\u201d he wrote.<\/p>\n<p><strong>See: <\/strong>Here\u2019s what the Israel-Hamas war has done to U.S. gasoline and diesel prices<\/p>\n<p>Elsewhere, the Biden administration last week announced the\u00a0suspension of sanctions\u00a0on OPEC member Venezuela,\u00a0in response to a deal reached between Venezuela\u2019s government and its U.S.-backed opposition parties regarding Venezuela\u2019s 2024 election. <\/p>\n<p>However, any headway made regarding the South American producer would not bring its barrels back to market immediately, StoneX\u2019s Kansas City\u00a0energy\u00a0team, led by Alex Hodes, said in a Monday note. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-pull-back-as-traders-monitor-efforts-to-contain-israel-hamas-war-61762264?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled lower on Monday, logging their biggest daily decline since early October as traders monitored diplomatic efforts aimed at ensuring&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-5259","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brent oil ends below $90 a barrel as traders monitor efforts to contain Israel-Hamas war | InBudgetAlerts<\/title>\n<meta name=\"description\" content=\"Oil futures settled lower on Monday, logging their biggest daily decline since early October as traders monitored 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