ANKARA, Sept 24 – Oil prices continued to climb on Tuesday as escalations in the Middle East increased concern of a wider regional dispute, reported Anadolu Agency.
International benchmark Brent crude increased by 1.31 per cent to US$74.17 per barrel at 11.03 am local time (0803 GMT), up from the previous session’s close of US$73.21.
US benchmark West Texas Intermediate (WTI) rose by 1.53 per cent to US$71.45 per barrel after closing at US$70.37 in the prior session.
Tensions are high in the Middle East, where most of the crude oil resources are located, amid ongoing attacks between Israel and the Lebanese group Hezbollah.
The concern that tensions in the region could spread to surrounding countries fuels the expectation that there may be an oil supply shortage.
Israel has launched a barrage of airstrikes into southern and eastern Lebanon, with Lebanese health authorities saying that at least 492 people have been killed, including 35 children, and 1,645 injured in the attacks since Monday morning, according to the Lebanese Health Ministry.
The Israeli army’s attacks on the Gaza Strip have been ongoing since Oct. 7, 2023, despite a UN Security Council resolution calling for an immediate ceasefire.
Experts warn that a regional war may break out in the face of Israel’s repeated attacks.
Meanwhile, The People’s Bank of China announced measures to stimulate the economy, supporting the narrative that demand in the country could rise as well.
The measures encompass measures to revive the ongoing weakness in domestic demand and the struggling real estate sector.
