08/10/2024 – 13:44
Brent crude futures contracts, an international benchmark, fell more than 3 dollars a barrel this Tuesday, 8, as fears of supply interruptions due to the conflict between Israel and Iran and a major hurricane in the Gulf of Mexico eased. .
Brent crude futures fell $3.49, or 4.31%, to $77.44 a barrel at around 12:20 p.m. (Brasília time). U.S. West Texas Intermediate futures fell $3.38, or 4.38%, to $73.76 a barrel.
Brent surpassed $80 a barrel for the first time since August on Monday, following a daily gain of more than 3% and after posting its biggest weekly gain in more than a year of roughly 8% last week through Friday. on Friday, due to growing concerns about a war spreading in the Middle East.
“The conflict in the Middle East is simmering and sparks fears of escalation and disruptions to oil supplies. The most likely scenario is another mild shock, with oil prices rising and falling again before the end of the year,” said Norbert Ruecker of investment bank Julius Baer.
Prices rose after Iran attack on Israel
Hezbollah left the door open on Tuesday to a negotiated ceasefire with Israel after Israeli forces raised the stakes in the conflict with its Iranian-backed foe by making new incursions into southern Lebanon.
Israeli Defense Minister Yoav Gallant said on Tuesday that it appeared that the replacement for slain Hezbollah leader Sayyed Hassan Nasrallah had also been eliminated.
The rise in oil prices began after Iran launched missiles at Israel on October 1. Israel vowed to retaliate and said it was evaluating its options, with Iran’s oil facilities considered a possible target.
Some analysts said an attack on Iranian oil infrastructure was unlikely and warned that oil prices could come under considerable downward pressure if Israel focuses on any other targets.
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