• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Oil Prices Rise On Middle East Tensions

OMMCOM NEWS by OMMCOM NEWS
October 16, 2023
in Business

Hong Kong: Oil prices rose above $91 a barrel on Monday as diplomatic efforts to address the crisis in the Middle East intensified.

Investors are concerned that the Israel-Hamas war could spark a wider conflict in the oil-rich region and further tighten global supply, CNN reported.

Brent crude futures, the global oil benchmark, rose as high as $91.2 a barrel in Asian hours on Monday, up slightly from the October 13 settlement price of $90.89.

It was last trading at $90.99 a barrel, CNN reported.

West Texas Intermediate, the US benchmark, briefly rose to $87.98, compared to Friday’s closing price of $87.68. It was last trading at $87.77 a barrel.

Both futures surged on Friday, after Israel’s military warned more than 1 million people to leave northern Gaza, triggering worries about a potential ground offensive by Israel in retaliation for Hamas’ terror attacks that killed at least 1,400 people.

Speaking to CBS Sunday, US National Security Adviser Jake Sullivan said while there was no new intelligence that the threat level from Iran had changed, “there is a risk of an escalation of this conflict”.

Analysts from ANZ Research expect oil prices to hit $100 a barrel in the short term because of the growing risk of regional escalation, CNN reported.

Neither Israel nor Hamas is a significant oil supplier, but the risk to oil markets will rise if “the conflict broadens,” they wrote in a note.

“If (Iran) becomes involved, up to 20 million barrels per day of oil could be at risk of disruption directly and through obstructed logistics.”

The “Middle East risk” is dominating the landscape for global asset prices, said Stephen Innes, managing partner for SPI Asset Management, CNN reported.

 (IANS)

ShareTweetSendSharePinShareSend
Previous Post

Landlord Stabs 6-Year-Old Palestinian-American Boy To Death In Anti-Muslim Hate Crime

Next Post

Odisha Police Arrest Drug Peddler, Seize Narcotics Worth Rs 50L

Related Posts

Business

Top Discount Brokers Groww, Zerodha, Angel One, Upstox’s Investors Base Continues To Shrink In August

September 10, 2025
Business

Positive Exchange Of Words In India-US Trade Dialogue Raises Hopes Of Tariff Relief: Economists

September 10, 2025
GST
Business

GST Rationalisation To Empower Traders, Exporters, And Common Man: CBIC Chairman

September 10, 2025
Business

SIP Inflows Remain Flat At Rs 28,265 Crore In August: AMFI Data

September 10, 2025
Business

India, UAE Review Entire Spectrum Of Comprehensive Strategic Partnership

September 10, 2025
Business

It May Not Be Possible To Bring Petrol, Diesel Under GST For Time Being: CBIC Chief Sanjay Agarwal

September 10, 2025
Next Post

Odisha Police Arrest Drug Peddler, Seize Narcotics Worth Rs 50L

Israel-Hamas Conflict Death Toll Nearly 4,000

Allahabad HC Acquits Nithari Accused, Overturns Death Penalty

Khimji
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.