American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Latest News

Oil surges as reports suggest Iran may attack Israel; prices break immediate resistance

by admin November 1, 2024
November 1, 2024
Oil surges as reports suggest Iran may attack Israel; prices break immediate resistance

Oil prices extended gains on Friday as reports claimed that Iran is preparing to attack Israel before the US elections next week. 

Israeli intelligence suggested that Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the US presidential election, Axios reported on Thursday. 

The attack is expected to be carried out using a large number of drones and ballistic missiles, according to the report.

Iran and Israel have been engaging with each other over the last month in carrying out drone strikes.

Further escalations in the region could put the oil supply at risk as Iran produces about 3.3 million barrels per day of crude oil, according to data from the Organization of the Petroleum Exporting Countries. 

At the time of writing, the price of West Texas Intermediate crude oil was at $71.30 per barrel, up 2.9% from the previous close.

Brent crude oil on the Intercontinental Exchange was at $74.70 per barrel, up 2.6%. 

Fxempire.com said in a report:

Oil prices climbed over $1 per barrel on Friday, partially offsetting weekly losses as geopolitical tensions in the Middle East fueled concerns about potential supply disruptions. 

Crude oil supply risks

If Iran attacks Israel, it will further escalate tensions between the two countries. Israel had carried out strikes on Iran’s military targets on Saturday. 

This was in response to Iran’s attack on Tel Aviv on October 1.

The market was concerned that Israel may hit oil and nuclear facilities in Iran. However, the limited strike over the weekend alleviated concerns over supply disruptions. 

The latest development, though, could once again bring fears about supply disruptions to the forefront.

If Iran attacks Israel, the latter may retaliate by targeting oil facilities. 

Iran produces over 3 million barrels per day of oil and is responsible for about 4% of the world’s oil supply.

China is the main importer of Iranian oil. 

OPEC+ decision boosts oil prices

Earlier this week, reports claimed that OPEC+ could delay their planned hike in oil production from December. 

The cartel is expected to increase oil production by 180,000 barrels per day from December as part of a plan to reverse its voluntary output cuts. 

Saudi Arabia, the de facto leader of the group, had earlier hinted about its desire to regain market share at the expense of lower oil prices. 

However, global prices had fallen below $70 per barrel after Israel’s limited attack on Iran. This made things complicated for OPEC as most of its members depend on oil exports. 

Oil price forecast

The WTI oil price is trading above its immediate resistance of $71.24 per barrel. According to Fxempire, if prices breach $71.81, the US benchmark could strengthen further around $72.31 per barrel. 

“On the downside, the first line of support sits at $70.13, with additional support at $69.48 and $68.92 if sellers step in,” Arslan Ali, author at Fxempire.com. 

Source: TradingView & Fxempire

The 50-day EMA at $69.19 offers underlying support, while the 200-day EMA near $70.17 aligns closely with current levels, signaling indecision.

Brent prices are also trading above its immediate resistance of $74.73 per barrel. The next targets are $75.10 and $75.53. 

“On the downside, initial support sits at $73.56, with deeper levels at $72.99 and $72.39 if prices begin to retrace,” Ali said. 

The post Oil surges as reports suggest Iran may attack Israel; prices break immediate resistance appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
GBP/USD forecast as UK Gilt yields surge ahead of US NFP data
next post
Ripple effect? Northvolt crisis drives record bankruptcy surge in Sweden in October

Related Posts

How a Dior bag shook South Korean politics

February 11, 2024

At least 11 people injured after projectiles reportedly...

July 28, 2024

Dead ‘cannibal’ star spotted with metal scar after...

February 27, 2024

Venezuela strongman Nicolas Maduro reelected as president, election authorities...

July 29, 2024

US and Chinese defense chiefs hold first in-person...

June 1, 2024

King Charles and Queen Camilla to visit Australia...

July 16, 2024

Interview: Psychedelics changing the course of depression; stocks...

April 9, 2025

France’s most streamed singer calls on voters to...

July 4, 2024

US may ease Russia sanctions if Moscow agrees...

February 21, 2025

UK lawmaker who lost four limbs to sepsis...

May 24, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • GMS stock jumps 29% on takeover interest from Home Depot, QXO, analysts raise PTs

      June 22, 2025
    • Japan’s rice price surge: what’s driving it and why it could spark a political crisis

      June 22, 2025
    • BofA raises STOXX 600 target amid resilient global growth, warns on Mideast risks

      June 22, 2025
    • Palantir co-founder: US must prevent Iranian nukes

      June 22, 2025
    • Fed governor Waller advocates for July rate cut amid tariff, labor market outlook

      June 21, 2025

    Categories

    • Business (3,209)
    • Investing (2,537)
    • Latest News (2,000)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved