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Oil rose to $88.95 per barrel amid the outbreak of war in Israel

October, 09 2023
watermark Economic news

On Monday, oil prices rose sharply amid the Hamas group's attack on Israel, which caused the risk of a reduction in oil supplies from the Middle East.


Analysts note that traditionally oil prices increase in response to crises in the Middle East, and this can lead to a steady increase in prices. 


The current price of Brent oil is $86.95 per barrel. At the beginning of trading, the asset jumped in price to the level of $88.95. North American WTI oil is trading at $85.47 per barrel, the morning high was marked at $87.20 per barrel. 


On Saturday, rocket attacks were launched from the Gaza Strip on the southern and central regions of Israel. Dozens of Palestinian militants on trucks and paragliders entered the country. According to the latest data, at least 700 people were killed in Israel, about 2 thousand more were injured and more than 130 people were taken hostage. A state of war has been officially declared in the country.


According to the results of last week, the price of Brent fell by 8.3%, and WTI – by 8.8%.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.