Crude Oil - Time to buy!
Updated
Crude Oil - Time to buy!
Oil prices extended their gains, with Brent crude nearing $80, building on last week’s steepest weekly jump since early 2023. This surge is driven by fears of a wider Middle East conflict and potential disruptions to exports from the major oil-producing region.
Israel has issued several warnings about targeting Iran’s oil tanks, significantly contributing to the rising oil prices. This marks the first time in a long period that oil prices are aligning with fundamental factors, considering OPEC’s previous control over prices despite the ongoing conflicts involving Israel, Hamas, and Lebanon.
The mere news of a possible attack on Iran's oil tanks has supported the rise in oil prices above $72.50, and further increases are likely.
Oil prices extended their gains, with Brent crude nearing $80, building on last week’s steepest weekly jump since early 2023. This surge is driven by fears of a wider Middle East conflict and potential disruptions to exports from the major oil-producing region.
Israel has issued several warnings about targeting Iran’s oil tanks, significantly contributing to the rising oil prices. This marks the first time in a long period that oil prices are aligning with fundamental factors, considering OPEC’s previous control over prices despite the ongoing conflicts involving Israel, Hamas, and Lebanon.
The mere news of a possible attack on Iran's oil tanks has supported the rise in oil prices above $72.50, and further increases are likely.
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