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Commodity: oil is bouncing back

27/10/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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After American strikes in Syria on targets linked to Iran, oil prices are rebounding this Friday, raising fears of an escalation of geopolitical tensions in the Middle East that could lead to supply disruptions.

The barrel of West Texas Intermediate (WTI) for delivery in the same month gained 2.15% to $85.00, while its equivalent, the North Sea barrel of Brent for delivery in December, took 2.13%, at 89.80 dollars, around 10:45 GMT (12:45 CET). According to DNB analysts, the prices of the two global crude oil benchmarks are rising “due to American airstrikes in Syria that have increased tensions in the Middle East.” Investors fear a flare-up in the region, while Iran, a powerful supporter of Hamas, has issued several warnings to the United States, an ally

of Israel.
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