On Friday, October 13, a survey of global crude prices found that Brent crude soared up to $90 per barrel and has since maintained above that level. Brent crude was $90.89 a barrel as of 5:49 a.m. (GMT+1) on Sunday, October 15.
The current increase in crude oil prices can be ascribed to a number of factors, the most important of which is the increased tensions in the Middle East as a result of the ongoing conflict between Israel and Hamas.
This confrontation has heightened fears of an Israeli ground strike, spurring the preparation and mobilization of large armed forces.
According to reports, the Israeli military has recommended 1.1 million residents in the northern section of the Gaza Strip to relocate to safer places in the south.
Furthermore, Israel has placed a significant number of troops, tanks, and artillery near the territory’s border, escalating the geopolitical situation and impacting global oil prices.
It is worth noting that the Iranian administration has stated that Iran has acknowledged the prospect of adding a new dimension to the continuing conflict between Israel and Hamas. Traders adjusted their positions, limiting wagers against the market, anticipating a possible invasion of Gaza.
Iran’s foreign minister issued a warning, underlining the possibility of Tehran-backed terrorists joining the battle, opening up a new front in Israel’s conflict with Hamas if the siege of Gaza is maintained. Given Israel’s call for the northern portion of Gaza to be evacuated, a ground invasion by the Israeli military is expected soon, heightening tensions in the region.
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