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Oil falls after exceeding $90 per barrel due to Israeli conflict

Oil falls after exceeding $90 per barrel due to Israeli conflict

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Updated October 16, 2023 at 3:30 a.m. ET

07:21 GMT – Crude oil prices are falling after last week’s late rise as tensions in Israel and Gaza worry markets. Brent crude is down 0.4% at $90.52 a barrel while WTI is down 0.3% at $87.54 a barrel. Brent crude rose above $90 a barrel on Friday, up 5.7% due to geopolitical uncertainty. The fear that the entire region could be drawn into the conflict is a major concern for analysts. “Market attention has now turned to the likely Israeli ground invasion of the Gaza Strip,” the Commonwealth Bank of Australia said in a note. CBA adds that if Israel “dismantled” Hamas quickly and withdrew as soon as possible, it would have to limit prices to around $90 per barrel. (yusuf.khan@wsj.com)

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With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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