War in Israel changes in oil prices: what is going on in the energy market now

During previous bidding, Brent and West Texas Intermediate Indexes increased by more than two dollars, reaching the highest level in two weeks. Against the backdrop of continuing battles in the Middle East, on Wednesday, October 18, oil prices increased. About it reports Reuters it is noted that the catalyst for the rise in price of "Black Gold" was an explosion in a medical institution in the territory of Gaza, which, according to preliminary data, took away the lives of hundreds of people.

Because of this, traders have fears that will start the supply of oil from the region. Yes, Brent oil futures increased by $ 1. 75 to $ 91. 65 per barrel. And WEST Texas Intermediate (WTI) oil futures increased by $ 1. 91 to $ 88. 57 per barrel. According to journalists, during previous bidding, both reference indexes went up to more than 2 dollars and reached the highest level in two weeks.

In this way, the oil market participants took into account all the risks associated with the events in the city of Gaza, in which Israeli and Palestinian officials accused each other. The publication also states that Jordan's decision to cancel the Summit with the participation of US President, Joe Baiden, Egyptian and Palestinian leaders, influenced the rise in price.

"Such a turn at the diplomatic level again triggers fear of spreading the conflict and, therefore, jumping in oil prices," the agency said. Recall that on October 17, information emerged that the United States will develop a plan that will allow to take even more control of the ceiling of prices for Russian oil. Yes, the Ministry of Finance of the country is considering new restrictions on those who bypass sanctions and buy "black gold" from the Russian Federation.