{"id":6566,"date":"2023-10-29T00:34:48","date_gmt":"2023-10-29T00:34:48","guid":{"rendered":"https:\/\/inbudgetalerts.com\/investment\/oil-prices-settle-at-highest-in-a-week-as-israel-hamas-war-intensifies\/"},"modified":"2023-10-29T00:34:49","modified_gmt":"2023-10-29T00:34:49","slug":"oil-prices-settle-at-highest-in-a-week-as-israel-hamas-war-intensifies","status":"publish","type":"post","link":"https:\/\/inbudgetalerts.com\/?p=6566","title":{"rendered":"Oil prices settle at highest in a week as Israel-Hamas war intensifies"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002664432\" role=\"document\">\n<p>Oil prices settled at their highest in a week on Friday, a day after marking their lowest finish in two weeks, as the situation in the Middle East intensified, raising the potential that the conflict will spread further into the oil-rich region. <\/p>\n<p>News reports said U.S. warplanes bombed targets linked to Iran in eastern Syria, ratcheting up tensions in an already tense Middle East, while the Israeli army\u2019s ground forces expanded its activities in the Gaza Strip.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude oil<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.44%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.44%<\/bg-quote><br \/>\n       for December rose $2.33, or 2.8%, to settle at $85.54 a barrel on the New York Mercantile Exchange. Prices for the front-month contract ended the week 2.9% lower. <\/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\">-0.03%<\/bg-quote><span>,<\/span><br \/>\n       the international benchmark, rose $2.55, or 2.9%, to settle at $90.48 a barrel on ICE Futures Europe, for a weekly loss of 1.8%. Brent and WTI crude both settled Friday at their highest since Oct. 20 after ending Thursday at their lowest since Oct. 12.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"positive\">+0.12%<\/bg-quote><br \/>\n       rose 2.5% to $2.31 per gallon, posting a weekly decline of 2.6%, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"negative\">-0.47%<\/bg-quote><br \/>\n        added 0.3% to $3.05 a gallon, losing 3.3% for the week. <\/p>\n<\/li>\n<li>\n      November natural gas<br \/>\n        NGX23<span><\/span><br \/>\n       shed 1.6% to end at $3.16 per million British thermal units on the contract\u2019s expiration day, with prices holding onto a gain of 9.1% for the week. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Traders \u201cmust and should be focused on one thing, and that is the ground invasion of the Israeli army into Palestine,\u201d Naeem Aslam, chief investment officer at Zaye Capital Markets, told MarketWatch. \u201cThis is going to take anger to a different level among Arab nations.\u201d <\/p>\n<p>Arab leaders are \u201calready angry about the U.S. involvement in the current boycott of the Israeli government in Palestine, and now the U.S. warships are targeting Syria,\u201d he said.<\/p>\n<p>All of this represents \u201csignificant risk to oil prices,\u201d which traded lower for the week as traders are \u201cbeing ignorant of the above and chances are higher that they will be caught off guard,\u201d said Aslam.\u00a0<\/p>\n<p>U.S. warplanes on Friday struck two locations in eastern Syria, which the Pentagon said is linked to Iran\u2019s Revolutionary Guard Corps, following a string of attacks on U.S. air bases in the region that started last week. <\/p>\n<p>The Pentagon claims 19 attacks in total across U.S. bases and personnel in Iraq and Syria since Oct. 17, a number that includes three fresh attacks on Thursday. <\/p>\n<p><strong>Also see:<\/strong> U.S. is set to play tug of war with OPEC+ for oil market share as Middle East hostilities warrant output boost<\/p>\n<p>On Friday, Israel\u2019s military said it was \u201cexpanding\u201d its ground operations in the Gaza Strip.<\/p>\n<p>Early Friday, however, Phil Flynn, senior market analyst at The Price Futures Group, said oil prices fell from session highs after Al Jazeera, citing sources, reported that negotiations on an Israel-Hamas ceasefire, mediated by Qatar, were \u201cprogressing and at an advance stage.\u201d<\/p>\n<p>For now, prices continue to find support with traders wary of the Israel-Gaza war spreading further and possibly end up involving crude producer Iran. <\/p>\n<p>\u201cThe country ramped up its daily oil production by around 500,000 barrels in the first half of the year, which according to the IEA means it is set to make the second-biggest contribution to the growth in oil. \u00a0As such, Iran is again accounting for a good 10% of OPEC output,\u201d said Barbara Lambrecht, commodity analyst at Commerzbank, in a note to clients.  <\/p>\n<p><strong>Read:<\/strong> 4 reasons why oil prices have only seen a modest Middle East risk premium<\/p>\n<p>For the week, however, oil prices posted declines. <\/p>\n<p>\u201cTraders are focused on physical supply and demand, and aren\u2019t swayed by rhetoric until they convert into physical supply disruptions,\u201d said Manish Raj, managing director at Velandera Energy Partners.\u00a0 <\/p>\n<p>\u201cOil traders have heard too much of war sirens that hearing another one does not make them seek shelter anymore,\u201d he told MarketWatch. \u201cShort of a widespread war, geopolitical posturing is falling on deaf ears and traders aren\u2019t giving it much credence.\u201d\u00a0<\/p>\n<p>Still, despite the recent price decline, oil prices are \u201chealthy and these are still good times in the oil patch,\u201d said Raj. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-climb-after-u-s-launches-strikes-on-targets-in-eastern-syria-linked-to-iran-740c7621?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices settled at their highest in a week on Friday, a day after marking their lowest finish in two weeks, as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-6566","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 - 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