The retreat of oil prices to 77 dollars and 71 cents
reported by Mehr News Agency quoted Reuters, the increase in the threat of widespread war in the Middle East caused Brent oil to experience its biggest weekly price increase in the past year. slow, but the price of oil has decreased in today’s transactions.
The price of a barrel of Brent North Sea oil decreased by 34 cents, equivalent to 0.44%, to 77 dollars and 71 dollars today. The tradition arrived. Texas Intermediate oil West also decreased by 25 cents, equivalent to 0.34%, to $74 and 13 cents are traded.
Brent oil rose more than 8% last week, which was the highest weekly price increase since January 2023. American oil also experienced the highest weekly price increase since March 2023 with 9.1%.
Analysts believe that oil prices will continue to rise due to the possibility of the Zionist regime’s retaliatory response to Iran. Geopolitical tensions are currently the main factor shaping the market trend.
On Sunday, the Zionist regime bombed Hezbollah targets in Lebanon and the Gaza Strip in retaliation for the anniversary of the October 7 attack by Hamas last year. The Minister of Defense of the Zionist regime also said that there are several options to retaliate against Iran’s attack.
Last week, Iran carried out several missile attacks on the occupied territories to compensate for the brutal attacks of the Zionist regime on Lebanon and Gaza.
In the first hours of Monday, the Zionist police announced that Hezbollah rockets hit Haifa, the third largest city of this regime. .
However, despite the increase in oil prices last week, the impact of this war on oil supply has not been high.
Analysts believe that the probability of an attack on Iran’s oil facilities by the Zionist regime is very low, because this action will anger the regime’s international partners. In addition, disruption of Iran’s oil income will not harm this country much and will only cause a stronger response.
OPEC and its allies, including Russia and Kazakhstan, have millions of barrels of excess capacity at their disposal as they have cut production for years to support the oil market amid weak global demand.
If the Zionist regime attacks Iran’s oil facilities, OPEC and its allies can compensate for the lack of Iranian oil. But if Iran attacks the oil facilities of its neighbors in retaliation for this action, then the issue will be different.
In their last meeting on October 2, OPEC+ members decided to keep their oil production policy unchanged and increase production from December.
