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)

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!

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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

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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

In the cold desert of Ladakh, where it hardly rains, engineer Sonam Wangchuk created the ice stupa, a tower that freezes winter water and stores it for irrigating crops in the spring, a simple engineering feat that mimics nature.

Almost 6,000 residents live concentrated along a single street nearly 9 km long in the interior of Poland. Houses form a continuous row, and behind them, narrow agricultural strips emerge, creating one of the most unusual rural patterns in Europe.

They planted a sea of eucalyptus to produce cellulose, but the monoculture turned into a green desert, dried up springs and rivers, and pushed families out of regions in Minas Gerais and Bahia.

Júlia Pimentel, an 11-year-old from Minas Gerais, independently invented a new formula to calculate the square root using simple addition and multiplication, and her method was published in one of the most important mathematical scientific journals in Brazil.

Chinese woman planted trees for decades while sand buried part of her house, received $5,000 from an American in 1999, and helped transform the desert into a forest of 8 million trees in China.

Heir bought 23,000 degraded acres in the Scottish Highlands, fenced the area, planted nearly 1 million native trees, and transformed empty mountains into a forest officially recognized after meeting 15 evaluation criteria over 20 years.

The Atacama Desert, the driest place on Earth, was covered in flowers and turned into a colorful carpet with more than 200 species in the phenomenon called “desert bloom,” when atypical rains awaken seeds that had remained dormant in the soil for many years.

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