Oil hits $85 following geopolitical tensions

Oil hits $85 following geopolitical tensions
Oil hits $85 following geopolitical tensions

Oil prices are rising slightly today, with Brent reaching $84.5 per barrel, ahead of the release of the API report which will be released at 10:40 p.m. The main reason for the rise in oil quotes lies not only in stronger-than-expected global macroeconomic readings, indicating continued strong demand, but also in geopolitics.

  • Taiwan’s Defense Ministry detected 28 Chinese military aircraft operating around Taiwan on Wednesday, despite military exercises officially ending last Friday. Additionally, major Chinese state banks have been seen trading yuan for US dollars in the offshore foreign exchange market, fueling some speculation.
  • The Gaza and Rafah region is also in the global market spotlight, as the Israeli IDF operation continues despite criticism from world leaders and growing tensions. Israeli tanks were seen yesterday in the center of Rafah, near the border with Egypt. Iranian news agency Tasnim News reported today that Tehran sent the sea-launched medium-range ballistic missile ‘Ghadr’ to the Houthis, which could be a signal of an intensification of the conflict in the Red Sea.
  • The United Nations Security Council has called an emergency meeting on Israel’s ground invasion in Rafah. Spain, Ireland and Norway have formally recognized the State of Palestine.

OIL (M15)

Oil futures rose 5% from local lows.

Source: xStation5

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