Oil Jumps Over $2 on Fears of Escalating Middle East Conflict
10.27.2023 By Tank Terminals - NEWS

October 27, 2023 [Reuters]- Oil prices rose by more than $2 a barrel on Friday as investors priced in fears of an escalation of conflict in the Middle East which could disrupt oil supplies, after reports that the U.S military had struck Iranian targets in Syria.

 

Brent crude futures for December rose $2.03, or 2.3%, to $89.96 a barrel by 1011 GMT. The U.S. West Texas Intermediate contract for December climbed $1.89, or 2.3%, to $85.1 a barrel.

Two U.S. fighter jets struck weapons and ammunition facilities in Syria on Friday in retaliation for attacks on U.S. forces by Iranian-backed militia.

Iranian Foreign Minister Hossein Amirabdollahian said at the United Nations on Thursday that if Israel’s offensive against Hamas did not stop, the United States will “not be spared from this fire”.

Separately, projectiles hit two Egyptian Red Sea towns on Friday injuring several people, sources and officials said, showing the risk of regional spillover from the conflict.

Meanwhile, Israeli forces carried out their biggest Gaza ground attack in their 20-day war with Hamas overnight, after Prime Minister Benjamin Netanyahu said Israeli troops were still preparing for a full ground invasion.

The developments have so far not directly impacted oil supplies, but raise fears that the conflict in the Gaza Strip as may spread and disrupt exports from major crude producer and Hamas-backer Iran.

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