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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil prices are rising due to increased geopolitical tensions

April, 05 2024
watermark Economic news

On Friday, oil prices continued to remain in the area of local highs reached yesterday amid fears of an aggravation of the situation in the Middle East. Both leading markers, Brent and WTI, reached their highest values since the end of October at the levels of $91.26 and $87.07 per barrel, respectively. 


The current Brent quote is $90.67 per barrel, WTI is trading near $86.42. 


Yesterday, the oil market showed a sharp increase after Israeli Prime Minister Benjamin Netanyahu announced at a meeting of the Israeli security cabinet that the country intends to respond to threats from Iran. 


Israel went into full combat readiness mode due to fears of a response from Iran for the attack on the consulate. An air defense system has been deployed in the country, reservists have been mobilized, and military vacations have been canceled.


Analysts note that as long as the tense situation in the Middle East continues, oil prices will continue to rise.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.