OIL surges 3% as geopolitical uncertainty rises 📈

5:23 PM 22 October 2024

Brent Crude (OIL) rallies more than 3% today, ahead of US API inventories report scheduled at 9:30 PM BST. The major driver of higher oil prices are of course geopolitical tensions. Ukrainian president, Zelenskyy, signalled that approximately 12,000 troops from North Korea are in preparation to join Russia in the war. Israeli media passed that, possible response to Iran may include targeting homes of Iranian official due to Netanyahu assassination attempt, by Hezbollah.

The current jump in oil prices came in after US Secretary Blinken - Netanyahu meeting. Yesterday, Israeli forces informed that the army eliminated Hezbollah's head of money transfers unit, in Syria. The US also charged Iranian Revolutionary Guards officials, according to court documents, also Turkey blocked exports of military-linked goods to Russia after a US warning. Also, very solid macro reports from the US support oil prices momentum.

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Source: xStation5

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