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Oil Prices Fall 6% as Middle East War Risks Ease

UM Editor

October 29, 2024 at 11:33 am

Oil prices plunged 6% on Monday, dropping over $4 per barrel, following Israel’s retaliatory strike against Iran on Saturday, which bypassed oil and nuclear facilities, thereby avoiding any disruption to energy supplies. Brent futures fell 6.09%, closing at $71.42 per barrel, while WTIUSD dropped 6.13%, settling at $67.38 per barrel.

(WTIUSD Daily Price Chart, Source: Trading View)

The decline was largely driven by reduced geopolitical risk. On last Saturday, numerous Israeli jets conducted three waves of strikes before dawn, targeting missile factories and other military sites near Tehran and in western Iran, marking the latest exchange between these Middle Eastern rivals. The attacks focused specifically on military targets, alleviating concerns that Israel might strike Iran’s nuclear facilities or oil infrastructure.

Additionally, the Organization of the Petroleum Exporting Countries and its allies in OPEC+ maintained their oil output policy last month, with plans to begin increasing production from December. This includes a target to boost output by 180,000 barrels per day (bpd), which could further pressure oil prices downward.

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.

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