2024-08-04 19:24:41
Oil prices rise on Monday amid rising tensions in the Middle East.
As reported by Day.Az with reference to Interfax, Israeli Air Force planes carried out a series of raids on southern Lebanon last Sunday and bombed four cities, the Turkish news agency Anadolu reported with reference to Lebanese media.
The Jerusalem Post, citing Lebanese sources, reports that the Israel Defense Forces (IDF) “carried out massive artillery shelling of targets in various areas of Lebanon.”
The attacks were in response to a rocket attack on the town of Majdal Shams in the Israeli-controlled Golan Heights.
The price of September futures for Brent crude on the London ICE Futures exchange as of 09:15 Baku time is $81.45 per barrel, which is $0.32 (0.39%) higher than at the close of the previous trades. On Friday, these contracts fell by $1.24 (1.5%) to $81.13 per barrel.
WTI oil futures for September on the electronic trading of the New York Mercantile Exchange (NYMEX) have increased in price by this time by $0.26 (0.34%), to $77.42 per barrel. Following the results of the previous session, the cost of contracts decreased by $1.12 (1.4%), to $77.16 per barrel.
Last week, Brent fell by 1.8%, WTI by 1.9%. The decline in prices was facilitated by growing concerns about the decline in demand for oil in China due to signs of a weakening Chinese economy.
“Concerns about the demand outlook will give way to rising geopolitical risks in the Middle East early this week as the conflict between Israel and Hezbollah escalates,” said Commonwealth Bank of Australia analyst Vivek Dhar.
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