1 November 2024
Oil prices have risen by 2% following reports that Iran is preparing to launch a retaliatory strike against Israel from Iraq in the coming days. This news has overshadowed the weekly decline in oil benchmarks, with Brent crude and U.S. West Texas Intermediate crude both showing significant increases. The ongoing tensions between Iran and Israel, set against the backdrop of broader Middle East conflicts, continue to influence oil market dynamics, despite previous limited strikes having minimal impact on oil infrastructure.