{"id":109552,"date":"2024-10-02T14:54:48","date_gmt":"2024-10-02T07:54:48","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=109552"},"modified":"2024-10-02T14:54:48","modified_gmt":"2024-10-02T07:54:48","slug":"oil-prices-jump-more-than-1-as-middle-east-tensions-escalate","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=109552","title":{"rendered":"Oil prices jump more than $1 as Middle East tensions escalate"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<div data-testid=\"ContextWidget\" class=\"context-widget__container__3fXK0 context-widget__with-scroll__1cg1b article-body__context_widget__1xxEe\">\n<div class=\"context-widget__content__1X4Oq\">\n<ul data-testid=\"Summary\" class=\"summary__summary__31feP\">\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf summary__point__NO-2F\">Oil prices rise on fears over Middle East supply disruptions<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf summary__point__NO-2F\">Iran fires over 180 missiles on Israel, says attack is over<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf summary__point__NO-2F\">Israel and the U.S. promise retaliation against Tehran<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf summary__point__NO-2F\">OPEC+ panel meets later on Wednesday<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\">SINGAPORE, Oct 2 (Reuters) &#8211; Oil prices jumped by over a dollar on Wednesday due to rising concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran&#8217;s biggest ever <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/world\/lebanon-israel-live-updates-hezbollah-hamas-yemen-port-hit-by-airstrikes-2024-09-30\/\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">military<\/a> blow against Israel.<\/div>\n<p>Brent futures leapt $1.08, or 1.47%, to $74.64 a barrel, while U.S. West Texas Intermediate (WTI) crude spiked $1.12, or 1.6%, to $70.95 at 0650 GMT.<\/p>\n<p>During trading on Tuesday, both crude benchmarks surged more than 5%.<\/p>\n<p>Oil markets were largely focusing on the narrative of a weakening global economic outlook denting demand for fuel, said Priyanka Sachdeva, senior market analyst at Phillip Nova.<\/p>\n<p>&#8220;Still, the scale quickly turned towards fears of oil supply disruptions in the Middle East after Iran fired ballistic missiles at Israel,&#8221; Sachdeva said.<\/p>\n<div data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\">Iran said early on Wednesday that its missile attack on Israel was <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/iran-says-it-has-finished-attack-israel-amid-fears-spreading-conflict-2024-10-02\/\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">over<\/a> barring further provocation, while Israel and the U.S. promised to retaliate against Tehran as fears of a wider war intensified.<\/div>\n<p>Tehran said any Israeli response to the attack, which Israel said involved more than 180 ballistic missiles, would be met with &#8220;vast destruction&#8221;.<\/p>\n<p>The United Nations Security Council scheduled a meeting about the Middle East for Wednesday, and the European Union called for an immediate ceasefire.<\/p>\n<p>The direct involvement of Iran, an OPEC member, raises the prospect of disruptions to oil supplies, ANZ analysts said in a note, adding that the country&#8217;s oil output rose to a six-year high of 3.7 million barrels per day in August.<\/p>\n<p>&#8220;A major escalation by Iran risks bringing the U.S. into the war,&#8221; Capital Economics said in a note. &#8220;Iran accounts for about 4% of global oil output, but an important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted.&#8221;<\/p>\n<div data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\">A panel of ministers from the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, meets later on Wednesday to review the market, with <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-set-go-ahead-with-dec-oil-output-hike-sources-say-2024-09-26\/\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">no policy changes<\/a> expected. From December, OPEC+, which includes Russia, is set to raise output by 180,000 barrels per day (bpd) monthly.<\/div>\n<p>&#8220;Any suggestion that production hikes will proceed could offset concerns of supply disruptions in the Middle East,&#8221; ANZ&#8217;s note said.<\/p>\n<p>U.S. stockpile data was mixed: crude oil and distillate inventories fell last week while gasoline inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.<\/p>\n<p>Oil investors will also be closely watching Friday&#8217;s U.S. jobless claims data as it is expected to influence projections of the Federal Reserve&#8217;s monetary easing, which may aid long-term oil demand by stimulating overall economic activity, Phillip Nova&#8217;s Sachdeva said.<\/p>\n<p data-testid=\"promo-box\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf article-body__promo-box__3bCm_\"> Sign up <!-- --> <a data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-rise-more-than-1-escalating-tensions-middle-east-2024-10-01\/undefined?location=article-paragraph\" referrerpolicy=\"no-referrer-when-downgrade\" class=\"text__text__1FZLe text__inherit-color__3208F text__inherit-font__1Y8w3 text__inherit-size__1DZJi link__link__3Ji6W link__underline_default__2prE_\">here.<\/a><\/p>\n<div class=\"article-body__element__2p5pI\">\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__extra_small__1Mw6v body__full_width__ekUdw body__extra_small_body__3QTYe sign-off__text__PU3Aj sign-off__no-margin-top__2e9N-\">Reporting by Gabrielle Ng and Katya Golubkova; 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