ALBAWABA - As concerns about a possible Iranian retaliation to the assassination of Hamas’ political chief, Ismail Haniyeh, in Tehran last month overshadowed a drop in wider markets, oil prices reached their highest daily rise since October on Monday.
According to CNBC data, the September contract for West Texas Intermediate increased $3.22, or 4.19%, to $80.06 a barrel, as U.S. crude oil has increased 11.7% so far this year. While Brent saw an $82.30 per barrel, up $2.64, or 3.31% year to date.
While Iranian allies continue to step up their attacks on American soldiers in Syria and Iraq, markets tightening in anticipation of an expected Iranian response attack on Israel. Earlier, defense Secretary Lloyd Austin gave the order to hasten the deployment of a carrier strike group, which included F-35 fighters, to the area.
An attack of such magnitude might ultimately result in the United States imposing embargoes on Iranian petroleum shipments, which could possibly have an impact on the supply of 1.5 million barrels per day, according to Reuters.
In meantime, the Gaza Civil Emergency Service said that Israeli troops resumed their activities on Monday in the vicinity of Khan Younis, in southern Gaza, after an Israeli assault on a school over the weekend claimed at least 100 Palestinian lives.
While the International Energy Agency will publish its monthly outlook on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) lowered its projections for global oil consumption this year and next, according to Bloomberg. On Wednesday, the United States will release its inflation figures.
