this post was submitted on 01 Oct 2024
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Oil prices spiked on Tuesday after Iran fired a series of ballistic missiles at Israel, pushing prices to the highest level in nearly one year.

West Texas Intermediate (CL=F) rose more than 5% to trade just below $72 per barrel. Brent (BZ=F), the international benchmark price, also climbed roughly 5% to hover firmly above $75 per barrel.

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[–] ironhydroxide@sh.itjust.works 16 points 1 month ago (1 children)

$10 says a large number of Trump voters will claim the dock workers strike is the sole cause of the increase, and blame Biden for not forcing them back to work.

[–] HK65@sopuli.xyz 6 points 1 month ago

A gentleman does not bet on a sure thing. They would have claimed it even if there wasn't any price increase.

[–] tal 6 points 1 month ago

"In any event, the impact on oil prices will remain the key channel of transmission to the global economy," Reilly added, noting Iran accounts for about 4% of global oil output. "An important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted."

I was just commenting on an article here the other day about how Saudi Arabia had just increased their production.

https://www.reuters.com/business/energy/saudi-arabia-abandon-100-crude-target-take-back-market-share-ft-reports-2024-09-26/

Saudi Arabia to drop $100 crude target to win back market share, FT reports

[–] MediaBiasFactChecker@lemmy.world -3 points 1 month ago

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