Crude oil prices began the week with a loss as fears of an escalation between Iran and Israel dissipated.
Israel withdrew forces from the southern Gaza city of Khan Younis over the weekend, bringing its troop levels in the enclave to one of the lowest levels since the war with Hamas began last October.
U.S. crude and Brent gained more than 4% last week as tensions mounted between Israel and Iran.
The geopolitical conflicts that have engulfed the world are making many believe that oil prices can hit the global benchmark of $100 for the first time in almost two years
Oil prices are likely to remain at current highs as geopolitical risk factors increase, but the next significant price jump would likely come if Israel attacks Iran’s energy facilities, said Greg Sharenow, head of the commodity portfolio management group at Pacific Investment Management Co LLC.
The Tamar offshore gas field situated in the Levantine basin off the coast of Israel commenced production in 2013.
DALLAS and CAESAREA, Israel, Feb. 26, 2024 /PRNewswire/ — Zion Oil & Gas, Inc. (OTC: ZNOG) announces the full acceptance of its work plan by the Supervisory Committee in Israel.
Oil prices fell in early Asian trade on Monday after Israel said it had “concluded” a series of strikes in southern Gaza, slightly easing concerns about supply from the Middle East.
Crude oil prices have ticked up over 2% in the aftermath of the rejection of a ceasefire in Gaza.
Israeli Prime Minister Benjamin Netanyahu vowed to continue the war until “victory”.
The rejection of a ceasefire deal comes a day after the U.S. launched one of a series of retaliatory strikes following the death of three American soldiers in Jordan.
Shipping disruptions across the Red Sea threaten global trade after major shippers, such as Maersk and others, have rerouted vessels.
As of Monday, QatarEnergy, one of the world’s largest LNG exporters has stopped shipping cargoes through the Red Sea.
Possible delays or disruptions of LNG shipments from Qatar are not a concern to European traders yet.
When we talk of the Israeli-Palestinian conflict, we tend to focus on the latter’s political, social and humanitarian dimensions. But often this comes at the expense of considering an important economic dimension — one which recent events in Gaza have brought into stark relief.