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global actions. The tension resulted in significant fluctuations in oil prices, directly affecting international economic prospects.
The recent confrontation in the Middle East between Israel and Hamas raised concerns in the market, especially due to the region's influence on the oil market.
The price of a barrel of Brent oil increased after the October 7 attacks on Israel, reaching $89,65 on October 16, 2023. However, since then, the price has fallen 9%, trading for around $81 this year. Wednesday (15). Previously, it reached US$79, the lowest value since July.
Some factors may explain the recent movement: the fear of a reduction in supply due to the conflict in the Middle East has diminished, due to the increase in production announced by the United States, as well as the increase in production registered by OPEC (Organization of Petroleum Exporting Countries) .
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Expected increase in oil demand despite the expansion of electric vehicles
The agency estimates that the oil demand will increase to 930 bpd, compared to the current 880 bpd. On the other hand, it predicts that demand could slow down due to the growing adoption of electric vehicles and at the end of the post-pandemic economic recovery phase.
Source: money times
