The increase in the price of oil due to the concern that the Middle East will be set on fire
According to Webangah News quoted by Mehr News Agency, according to the Reuters news agency, the price of oil has been highly dependent on political factors during the last year due to conflicts in the Middle East and Eastern Europe.
The price of black gold in the world market due to concern about the effects of the war in the Middle East on oil supply and the reduction of interest rates by the Federal Reserve (Central Bank of America) in transactions Today, the energy market witnessed an upward trend.
Accordingly, North Sea Brent oil increased by 20 cents to $74 and 69 Cents per barrel were traded. The price of West Texas Intermediate oil for delivery in November increased by 22 cents to It reached 71 dollars and 22 cents per barrel.
The Federal Reserve’s decision to reduce the bank interest rate has reduced the cost of borrowing and increased hopes for economic prosperity. This issue itself helps to strengthen the demand for black gold and increase its price.
On the other hand, now with the escalation of tensions in the Middle East, which could turn into a major regional conflict, the energy market is worried because it fears that this war will affect the supply of oil. Crude through the Persian Gulf, the Gulf of Aden and the Red Sea.
