After Hamas began its major attack on Israel over the weekend, oil prices went up by more than four percent because of worries about possible supply shocks from an area that is rich in crude oil.
People in the United States who already have to deal with high gas prices will have to get ready for another rise.
Meanwhile Biden drained our strategic reserves & shut down U.S. energy production https://t.co/KhS5MVzyRy
— Josh Hawley (@HawleyMO) October 9, 2023
— Investing.com (@Investingcom) October 9, 2023
This morning in Asia, West Texas Intermediate is up 4.5% at $88.39 and Brent is up 4.7% at $86.65. This information comes from Times of Israel.
There have been worries that the conflict could get bigger if Iran and the US join in after the surprise attack that killed 700 Israelis, most of them citizens, and Israel’s later declaration of war.
“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” says ANZ Group’s Brian Martin and Daniel Hynes.
“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”
🚨 JUST IN: OIL PRICES SURGE BY OVER 4.5%
Conflict in the Middle East has caused oil prices to spike prior to the opening of markets on Monday morning, which will inevitably lead to an increase in gas prices that are already choking Americans.
Joe Biden has drained the… pic.twitter.com/cnfQPKAI2X
— Nick Sortor (@nicksortor) October 9, 2023
"Oil will go back to $100 a barrel within the next few months": TJM Industrials Services Director James Iuorio joins "Mornings with Maria" on oil prices rising after the attacks on Israel. pic.twitter.com/Cs2V66rOp7
— Mornings with Maria (@MorningsMaria) October 9, 2023
“Oil prices have been a veritable rollercoaster in just the past 10 days,” but that “In retrospect, last week’s oil tumble now seems like ancient history, and after Saturday’s unprecedented events in Israel, oil has moved sharply higher after the weekend attack by Hamas against Israel, with Brent topping $88 a barrel to repair some of last week’s heavy losses, and according to some, set to continue rising until it tops $150.”
Goldman analysts predicted oil to get to $100 by mid-2024.
Still, it is expected that the above number will go up even more after Israel’s recent armed activities.
Benjamin Netanyahu, the Prime Minister of Israel, says that his country is starting a long and hard war against Hamas terrorists.
May is making accusations against the Biden administration, saying that Hamas terrorists were able to get weapons that they used in the deadly attacks on Israel after the US pulled out of Afghanistan in 2021.
It’s possible that the guns that were left behind in Afghanistan after President Biden left could have been given to Hamas fighters.
On the other hand, President Donald Trump strongly opposed the deal that Joe Biden made with the government of Iran, which is linked to terrorist acts.
“Can you believe that Crooked Joe Biden is giving $6 Billion to the terrorist regime in Iran?
That money be used for terrorism all over the Middle East and, indeed, the World.
This incompetent FOOL is absolutely destroying America.”
“He had the audacity to announce this terrible deal today, September 11,” Trump continued.
“To pay for hostages will lead to kidnapping, ransom, and blackmail against Americans across the globe.
I freed many dozens of our people from various unfriendly countries and never paid a dime!”