Oil Is on a Six-Day Climb and Shows No Signs of Slowing Down! Price Hits $78.35

Escrito por Bruno Teles

Publicado em 04/10/2024 às 15:57

Cotação futura do petróleo tipo brent sobe para US$ 78,35 nesta 6ª feira (4.out) (Imagem: Representação)

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Oil Rises for 6th Consecutive Day Amid Tensions in the Middle East and Shakes Markets

The price of Oil in the international market rises for the 6th consecutive day. At 12:30 PM this Friday (Oct 4, 2024), the barrel of Brent crude oil (due in December 2024) was priced at US$ 78.35, with a gain of 0.94%. It reached US$ 79.00 at the day’s peak, marking the highest value since August 29.

In the accumulated trading of the last six days, Oil has already accumulated an increase of 10.1%. It surged from US$ 71.09 to US$ 78.27 during this period, representing a rise of US$ 7.18. This significant increase is a direct reflection of the tensions in the Middle East.

Oil Price Reaches US$ 78.35; Tension in the Middle East Drives Up Brent Crude Prices

The rise in tensions in the region began when Iran attacked Israel with missiles on Tuesday (Oct 1, 2024). The Israel Defense Forces (IDF) stated on Wednesday (Oct 2, 2024) that they conducted an attack in downtown Beirut, the capital of Lebanon, and also bombed an area near Beirut International Airport.

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Iran and Israel exchanged threats at the UN Security Council, with Israel’s ambassador to the organization, Danny Danon, declaring that retaliation will be “soon” and promising a “very strong and lasting” response.

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Maritime blockades in the transport of Oil could further elevate product prices. The Strait of Hormuz is the main point of concern, and U.S. President Joe Biden stated he is considering possible support for Israel in an attack on Iran.

The attacks in the Middle East increase investors’ doubts regarding the supply of Oil in the world. The rise in prices in the international market boosts Petrobras’s earnings, whose stocks have been recording consecutive increases on the B3 (São Paulo Stock Exchange).

Ordinary shares (PETR3) rose from R$ 39.27 to R$ 41.34 in the last 3 trading sessions, an increase of 5.27%. Preferred shares advanced from R$ 36.01 to R$ 37.94 in the same period, growing by 5.36%.

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Will this upward trend in Oil continue? How do you think this will affect the global economy? Share your opinion in the comments!

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Oil Is on a Six-Day Climb and Shows No Signs of Slowing Down! Price Hits $78.35

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Oil Is on a Six-Day Climb and Shows No Signs of Slowing Down! Price Hits $78.35

Oil Rises for 6th Consecutive Day Amid Tensions in the Middle East and Shakes Markets

Oil Price Reaches US$ 78.35; Tension in the Middle East Drives Up Brent Crude Prices

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