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Oil rises on fears of escalating tensions in the Middle East

Oil rises on fears of escalating tensions in the Middle East

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07:40 GMT – Oil prices are rising as fears grow that the conflict in Israel and Gaza could spread across the region. Brent crude is up 1.7% at $87.44 a barrel while WTI is up 1.9% at $84.52 a barrel. “The risk to oil markets lies in the widening conflict,” ANZ said in a note. If Iran becomes involved in the conflict, up to 20 million barrels of oil per day could be affected either through direct disruptions or murky logistics, ANZ claims. He adds that if tensions rise, Saudi Arabia could consider ending its voluntary production cut sooner. “However, we expect them to remain in place until the end of this year, which would send the market into a deficit of 2 Mb/d in the final quarter.” (yusuf.khan@wsj.com)

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Eleon

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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