Published On Oct 3, 2024, 3:17 PM
Oil prices surged by 5% due to rising concerns over potential disruptions in supply, particularly in light of recent comments from President Biden regarding escalating tensions between Israel and Iran. These geopolitical developments have intensified worries over oil supply security, which has led to an upward trend in oil prices.
Positive
The geopolitical tensions in the Middle East are causing disruptions in oil supply, leading to increased prices. If these tensions escalate further, we can expect oil prices to continue rising as markets react to the uncertainty.
Oct 11, 2024, 5:03 AM
Israel and Iran are fighting at a time when prices are under pressure because of weak demand in China and concerns about oversupply.
Oct 7, 2024, 1:33 PM
Oil prices have surged amid escalating tensions in the Middle East, with traders hedging against a "worst-case scenario" that could see prices climb to $100 a barrel.
Oct 4, 2024, 9:35 AM
China has strategic reserves and alternatives like electric cars, should oil imports ever be interrupted.