New 1% in prices of 1% is caused on Monday (26.08.2024), due to renewed concerns that the escalation of the conflict in Gaza could disrupt regional supplies. Monday’s upward trend in oil markets has extended the increase since Friday, when the prospect of reducing American interest rates has raised the prospects of global economy and fuel demand. The Brent future fulfillment contracts earn 79 cents or 1% at 79.81 a barrel while the American slow future fulfillment contracts form at 75.63 dollars a barrel, increased by 80 cents or 1.07%. In one of the largest conflicts in more than 10 months of border war, Hezbollah launched hundreds of rockets and drones in Israel on Sunday, as Israel’s army said it hit Lebanon with about 100 aircraft to prevent a larger attack. The conflict increases fears that the war in the Gaza conflict risks turning into a regional conflict that will also involve Hezbollah’s supporter, Iran, and Israel’s main ally, the United States, although oil production has not so far been affected. “Oil prices continue to rise due to weekend attacks between Israel and Hezbollah. However, the situation seems to have calmed down again, so profits remained limited,” Commerzbank analyst Karsten Fritz told Reuters. Both oil indices gained more than 2% on Friday, after the president of the Fed approved the start of interest rate reductions.
Oil: Prices rise by 1% sparks new unrest in the Middle East
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