ALBAWABA – Oil prices saw a significant jump on Tuesday amid the recent escalations and ongoing tensions in the Middle East. Israel has announced on Sept. 23 to carry out massive attacks targeting Hezbollah positions.
Middle East tensions
The "black gold" prices experienced a notable increase on Tuesday due to escalating tensions between Israel and Hezbollah, which could impact oil supplies in the Middle East.
Additionally, a tropical storm in the US may affect the country’s production, currently the largest worldwide.
It is worth noting that Brent crude November 2024 futures increased by 21 cents (0.3%) to $74.11 a barrel, while US West Texas Intermediate (WTI) crude November 2024 futures saw a boost of nearly 24 cents (0.3%) to $70.61.
Both crude oils experienced a significant decline yesterday due to demand concerns.
Brent crude November 2024 futures increased by 21 cents (0.3%) to $74.11 a barrel. (Shutterstock)
On the other hand, the Israel Defense Forces announced launching air strikes on Hezbollah in southern Lebanon on Monday.
Lebanese authorities reported that 558 citizens have been killed so far, with tens of thousands forced to flee, marking this as the most violent attack the country has witnessed since 2006.
US tropical storm
Experts are closely monitoring the recent ongoing US tropical storm, which could possibly affect US oil production which is considered the largest globally.
According to sources, the US Gulf Coast is facing a hurricane threat by the end of this week.
