Oil falls sharply as Israel delays ground invasion – latest updates
Oil prices have slumped by 2pc today as investors bet on a delay to Israel’s ground invasion of Gaza. Oil prices have dropped by 2% as investors predict a delay to Israel's ground invasion of Gaza, with Brent crude price dropping to $91.11 in early trading. This comes as Israel continues to hold off on its attack on Gaza, amid diplomatic negotiations to secure the release of more hostages. West Texas intermediate also dropped to $87 per barrel after two consecutive price rises. Brent crude prices have risen by 8pc since Hamas attacked Israel on October 7. The risk premium of the conflict could be offset if Venezuelan oil exports are boosted following the US's sanctions against the country.
Diterbitkan : 2 tahun lalu oleh Melissa Lawford di dalam Business
Oil prices have slumped by 2pc today as investors bet on a delay to Israel’s ground invasion of Gaza.
Brent crude price fell to as low as $91.11 in early trading, down from $92.51 yesterday as Israel held off on its attack amid diplomatic negotiations to secure the release of more hostages.
West Texas intermediate also fell to close to $87 per barrel after two consecutive weeks of price rises.
Brent crude prices have climbed by 8pc since Hamas attacked Israel on October 7 as markets fear the conflict will escalate across the Middle East and threaten regional oil supplies.
Yeap Jun Rong, market strategist at IG Asia Pte told Bloomberg that oil is “taking a breather while the focus on humanitarian aid and securing hostage releases suggest that a potential ground invasion from Israel can wait. That may contain the risks of further escalation, at least for now.”
The risk premium attached to the conflict could also be offset if Venezuelan oil exports are boosted after the US took the first steps in unwinding its sanctions against the country last week.
Topik: Israel