Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil has jumped in price amid rising tensions in the Middle East


October, 20 2023
watermark Economic news

On Friday morning, benchmark oil prices continued their growth, ending the week at monthly highs, amid an increase in the tense situation in the Middle East.


At the moment, Brent quotes rose to the level of $93.77 per barrel, which became an almost monthly maximum. The current price is $93.40. North American oil shows similar dynamics: growth to a maximum of $89.84 and a subsequent decline to $89.44 per barrel. 


The market is supported by disturbing news from the Middle East, in particular, that an American destroyer destroyed missiles off the coast of Yemen. According to one of the sources, the missiles were launched by Yemeni Houthi rebels. However, it is unclear whether they aimed at the destroyer or wanted to hit another object. 


Traders are also concerned about the possible expansion of the conflict between Israel and Hamas and the potential intervention of Iran. Energy markets are carefully monitoring geopolitical events, and the main concern is possible problems with oil supplies. 


«These worries are likely to persist in the near future,» said Tariq Zahir, managing partner at Tyche Capital Advisors.

Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
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.