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

Written by Bruno Teles

Published on 04/10/2024 at 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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Maritime Blockades

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

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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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

Maritime Blockades

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

Under nearly 2 kilometers of ice in Antarctica, scientists have discovered an ancient landscape sculpted by rivers up to 60 million years ago, the size of Wales, preserved as a time capsule that could help predict the advance of ice towards the ocean.

She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

Bricklayers off the scaffolding? New system uses autonomous drones to position bricks and apply adhesive in the air, creating walls with two flying robots working as a team.

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