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Tensions in the Middle East and low inventories support oil.  Iran demands an embargo – oil

Tensions in the Middle East and low inventories support oil. Iran demands an embargo – oil

Tensions in the Middle East and low inventories support oil. Iran demands a ban

Although Israel’s crude oil imports (which produce little oil) do not matter much in the context of global supply – and little of that crude comes from the Middle East – Iran’s call for an oil embargo on Israel carried weight, as the verbal escalation of tensions reveals. .

“Black gold” prices continue to rise in major global markets, trading at their highest levels in two weeks, at a time when tensions are escalating in the Middle East (after the bombing of a hospital in the Gaza Strip, an attack that was denied by both Tel Aviv and Hamas) and threatening to disrupt oil exports. In that region – where Iran calls for an oil embargo by Islamic countries against Israel.

The Organization of the Petroleum Exporting Countries (OPEC), at least for now, does not plan to take immediate action in response to Tehran’s appeal.

Although Israel’s crude oil imports (which produce little oil) are insignificant in the context of global supply — and little of that crude oil comes from the Middle East — the call to boycott Iran carried weight, because it revealed a rhetorical escalation. Tensions over the war between Israel and the Islamic movement Hamas.

West Texas Intermediate (WTI), a US benchmark, continues to add 1.68% to $88.12 per barrel.

For its part, Brent North Sea crude, traded in London and a reference for European imports, rose 1.55% to $91.29.

Also contributing to maintaining prices was a sharper-than-expected decline in North American crude oil reserves, which fell last week by 4.5 million barrels when a decline of only 300,000 barrels was expected.

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This is the fourth decline in inventories in five weeks. At this time last year, the decline in inventories in the same week was 1.7 million barrels.

Recall that North American President Joe Biden was in Israel on Wednesday, where he discussed the conflict with Hamas with Prime Minister Benjamin Netanyahu. He was scheduled to continue on to Amman, where he would meet with the leaders of Jordan, Egypt and the Palestinian Authority, but the meeting was canceled after yesterday’s end-of-day attack on Al-Ahli Hospital – which injured hundreds. Deaths.