London: Oil prices rose very slightly on Wednesday, as investors await the conclusion of a planned conversation between the Israeli Prime Minister and the American President which could determine the Jewish state’s response to an Iranian missile attack on October 1. Around 9:15 a.m. GMT (11:15 a.m. CET), the price of a barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. from the North Sea, for delivery in December, takes 0,70%has 77,72 dollars.
Its American equivalent, the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.), for delivery in November, wins 0,69% has 74,08 dollars.
“In a cacophony“news on the geopolitical, economic or oil production fronts,”investors are looking for direction“, says Susannah Streeter, analyst at Hargreaves Lansdown.
Oil is plagued by many uncertainties. A possible escalation of conflict in the Middle East and fears over oil supplies from the region are driving up prices, but investors are forecasting abundant production in 2025, adding to China’s economic slowdown to ruin the courses.
???????? US President Joe Biden is due to have a telephone conversation on Wednesday with Mr Netanyahu about Israel’s preparations to strike the Islamic Republic of Iran, according to the US website Axios, citing US officials.
???????? Israel said it was preparing a response to the attack launched on October 1 by Iran with 200 missiles against its territory. According to Tehran, its attack was a response to the assassination by Israel of Hassan Nasrallah, the leader of Hezbollah, and that in Tehran of the leader of Palestinian Hamas Ismaïl Haniyeh, killed in an attack attributed to Israel.
???????? In the “worst case scenario“, still very improbable according to analysts, Iran could try to “block the Strait of Hormuz through which transits 18 million barrels of crude per day (i.e. 20% of global consumption)“according to Ole Hvalbye, analyst at SEB.
????️ Another factor likely to influence prices upwards is Hurricane Milton, which is moving from southwest to northeast in the Gulf of Mexico, threatening Florida and its oil installations.
Milton is “a major and dangerous hurricane“, and if it had been downgraded to category 4, it actually went back to category 5, the highest on the Saffir-Simpson scale, the American National Hurricane Center (NHC) warned on Tuesday.
“The hurricane is not expected to affect the main oil installations in the US Gulf“, explains John Evans, analyst at PVM, but is already disrupting oil deliveries to Florida.
????️ Furthermore, crude stocks increased by 11 million barrels in the United States last week, more than the initial forecast of an increase in 2.79 million barrels additional.
(c) AFP
Commenter Oil up slightly while awaiting details on an Israeli response
Community barrel price
