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Brent futures were priced at US$90,48 per barrel, however, it recorded a decrease of approximately 2% throughout the week.
Oil prices have been in the spotlight in recent days due to tensions in Israel and Gaza, which raises concerns about global oil supplies. On Friday, Brent crude futures rose about 3% to a one-week high, while US West Texas Intermediate (WTI) crude futures also registered a 2,8% rise. This is due to fears that tensions between Israel and Gaza could escalate into a wider conflict, affecting oil supplies across the world.
One of the immediate consequences of this increase in tensions was the increase in the premium Brent on WTI, which reached its highest level since March. That makes it more attractive for energy companies to send ships to the U.S. to pick up oil for export. However, throughout the week, both Brent and WTI recorded declines of around 2% and 4% respectively.
Negotiations between the militant group Hamas and Israel, led by Qatar and in coordination with the US, have been turbulent. Earlier in the session, oil prices rose more than $2 per barrel after the US military struck Iranian targets in Syria. However, prices soon turned briefly negative as markets digested reports on the mediation talks.
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Analysts are closely following headlines on the issue as they believe tensions in the Middle East could affect oil prices. Uncertainty regarding the future of negotiations and the possibility of a wider conflict continue to influence investors. As a result, many are worried about running out of money over the weekend and are taking extra precautions.
As military operations in Gaza intensify, Hamas has conditioned the release of hostages on a ceasefire in Israel's bombing of the Palestinian enclave. That condition was imposed after a deadly Hamas attack on southern Israel nearly three weeks ago. Several countries, including Arab states, are urging Israel to delay a ground invasion in order to avoid a rise in civilian casualties and a wider conflict.
The impact of tensions in Israel and Gaza on global oil supplies is uncertain. However, investors continue to pay attention to developments and headlines related to the matter. Any significant development could have a direct impact on oil prices and future trading.
It is important to highlight that tensions in the Middle East are a factor that always influences oil prices. Investors are constantly monitoring the situation in the region, as any unexpected events can cause price fluctuations. Therefore, it is essential to be aware of developments and news related to the topic.
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