On August 22, 2018, in an oil field in Midland, Texas, the United States, an oil pumping unit worked in front of a drilling machine at sunset.
Nick Oxford | Reuters
Crude oil futures rose on the first day of the second quarter on reports of a missile attack on the Iranian consulate in Damascus.
this West Texas Intermediate Oil The contract for May delivery rose $1.28, or 1.54%, to $84.45 a barrel.this Brent The contract for June delivery rose 93 cents, or 1.07%, to $87.93 a barrel.
Syria and Iranian Israeli missiles struck Israel, state media said on Monday Iranian Consulate In Damascus.Lebanese security source told Reuters Mohammad Reza Zahedi, a senior commander of Iran’s Revolutionary Guards, was among the dead.
“This news, if confirmed, would represent a clear escalation in the conflict in the Middle East and could continue to boost oil prices in the near term,” Roth MKM analyst Leo Mariani told clients on Monday.
Geopolitical risks remain in the market as Ukraine attacks Russian refineries and Houthi attacks on the Red Sea divert crude deliveries around the Cape of Good Hope in southern Africa.
Oil prices have also been heading higher in 2024 as global demand is expected to be strong as OPEC+ halts oil sales to the market at least in the second quarter.
U.S. crude and Brent have risen for three months in a row. WTI is up 17.8% for the year and Brent crude is up 14.2%.
About The Author
