Oil prices surge 4% as Middle East tensions rise with Israel ordering mass evacuations in Gaza

10/13/2023

Oil prices surge 4% as Middle East tensions rise with Israel ordering mass evacuations in Gaza

EndTimesProphecyWatch.com

October 13, 2023

1–2 minutes

bible prophecy, End Times, Financial Distress, Politics

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NEWS REPORT:

Escalating Middle East tensions drove up oil prices on Friday, setting prices up for a solid gain for the week.

Concerns that Israel is close to launching a ground invasion of Gaza, after its military ordered more than a million people in the territory to flee south, have raised the risk of disruptions to oil supplies in the Middle East region.

Price action

West Texas Intermediate crude for November delivery CL00, 5.39% CL.1, 5.40% CLX23, 5.40% climbed $3.02, or 3.6%, to $85.93 a barrel on the New York Mercantile Exchange. Prices for the front-month contract traded around 3.8% higher for the week, FactSet data show.
December Brent crude BRN00, 5.20%, the global benchmark, jumped $3.41, or 4%, to $89.41 a barrel on ICE Futures Europe, poised for a weekly rise of around 5.7%.
November gasoline RBX23, 4.46% added 3.7% to $2.2443 a gallon, eyeing a weekly rise of more than 2%, while November heating oil HOX23, 5.45% rose 4.1% to $3.17 a gallon, trading over 9% higher on the week.
Natural gas for November delivery NGX23, -3.26% fell 3.7% to $3.22 per million British thermal units, contributing to a roughly 3.5% weekly decline.

Market drivers

Oil prices rallied Friday “thanks to mounting geopolitical risks,” Lukman Otunuga, manager, market analysis at FXTM, told MarketWatch.

“Escalating tensions in the Middle East, home to almost a third of global oil supply kept prices buoyed while the U.S. tightening its sanctions against Russian crude exports complemented upside gains,” he said.

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