Oil rockets as Israeli-Palestinian tensions near boiling point

2023-10-16
Summary:

Oil prices retreated after leaping nearly 6% on Friday when Brent posted its highest weekly gain since February, as tension boiled in Gaza.

Oil prices retreated after leaping nearly 6% on Friday when Brent posted its highest weekly gain since February, as tension boiled in Gaza. Israel’s military has been urging residents to move from northern Gaza to the south.

US Senate Majority Leader Chuck Schumer said on Sunday that the Senate would swiftly push through a military aid package to help Israel in its fight against Hamas.


Meanwhile, President Biden said in an interview that he believes Hamas, the Palestinian militant group, must be fully eliminated but it is necessary to establish a Palestinian state.


Saudi Arabia is putting normalisation with Israel on ice amid war, two sources familiar with Riyadh's thinking said. Riyadh lambasted Israel last Friday for forced displacement and attacks on civilians.


That may have implications for supply as Saudi Arabia told the White House it was willing to boost oil production early next year to help secure the deal, the Wall Street Journal reported. Elsewhere Washington is expected to impose further sanctions on Russia and Iran.


Iran's Oil Minister Javad Owji said oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to a local media.

XBRUSD

Oil prices rallied upward strongly to break the correctional bearish scenario. A breach above the resistance around 90 will expose highs that it hit in late Sep.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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