A barrel of Brent oil is traded at $74.01 in international markets. The barrel price of Brent oil increased by 2.2 percent during the day yesterday. Concern that global supply may be disrupted due to the impact of war in the Middle East, where most of the oil resources are located, supports prices upwards. The news that Iran was preparing to respond to Israel’s attack on October 26 was effective in the increase in prices.
Israel targeted military points in Iran on October 26 in retaliation for Iran’s missile attacks on October 1. The Israeli press claimed that Iran was “preparing for a major retaliation from Iraq within a few days” in response to Tel Aviv’s latest attack.
The news, based on unnamed Israeli officials, claimed that Iran may retaliate with numerous unmanned aerial vehicles and ballistic missiles from Iraqi territory before the US Presidential elections to be held on November 5. The news commented that “carrying out the retaliation through pro-Tehran groups in Iraq instead of Iranian territory” could be an attempt to prevent a possible Israeli attack on strategic targets in Iran.
Red Sea tension continues
Concerns that the ongoing turmoil in the Red Sea, which is of critical importance for oil and fuel shipments and global maritime trade, will negatively affect oil supply, support the rise in oil prices.
It is stated that technically, in Brent oil, $ 80.09 can be watched as resistance and $ 70.18 can be watched as support.
Source: www.dunya.com
