Oil rises in price amid attack on Israel
Oil prices jumped on Monday, October 9, amid the Hamas group's attack on Israel.
This was reported by enkorr, according to Ukrinform.
Stephen Innes, managing director of SPI Asset Management, said that historical analysis shows that oil prices tend to rise steadily following crises in the Middle East.
It is noted that the aggravation of the situation in the Middle East creates a risk of reducing oil supplies from the region.
December futures for Brent rose in price on the London ICE Futures exchange by $2.66 (3.14%) to $87.24 per barrel. On Friday, Brent rose in price by $0.51 (0.6%) to $84.58 per barrel.
November futures for WTI rose in price on the New York Mercantile Exchange NYMEX by $2.84 (3.43%) to $85.63 per barrel. During the previous session, the contract rose by $0.48 (0.6%) to $82.79 per barrel.
Over the past week, Brent fell by 8.3%, while WTI fell by 8.8%.
On Saturday, October 7, rocket attacks were launched from the Gaza Strip at southern and central Israel. Dozens of Palestinian militants on trucks and paragliders entered the territory of Israel.