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.

ARTICLE CONTINUES BELOW

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!

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

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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

Seven world powers including the US, China, and Russia are spending €22 billion on a reactor in the south of France that aims to confine plasma at 150 million degrees Celsius, ten times the temperature of the Sun’s core, using a magnetic field capable of lifting an entire aircraft carrier.

Elon Musk’s internet comes to mobile: Starlink technology connects smartphones without an antenna via satellite, works even without carrier signal, already costs just US$10 extra in the US, and could arrive in Brazil as an included benefit.

A Chinese factory in Guangdong is assembling a humanoid robot every 30 minutes while Tesla, Figure, and Boston Dynamics still struggle to deliver 10 thousand per year.

While Brazil has been discussing bullet trains for 16 years, China delivers 5 new high-speed lines in 2026, surpasses 50,000 km of HSR, and moves 1 billion passengers in a single year.

With a wingspan of 152 meters, 76 tires, and a capacity to carry 1,270 tons, the Boeing Pelican was the giant “flying ship” that promised to cross oceans close to the water on an invisible air cushion beneath its wings.

While countries spend billions to draw water from the sea, a Nobel-winning scientist creates a container-sized machine that extracts up to 1,000 liters per day from dry air and uses ultrasound to release water in minutes, even in the middle of the desert.

Belgium will sink 23 giant concrete caissons, each weighing 22,000 tons, in the North Sea to build the world’s first artificial energy island 45 km off the coast, forming offshore electrical walls.

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