Oil prices climb on fears of Middle East conflict escalation
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Oil prices increased for the second consecutive session on September 30, 2024, amid escalating concerns over supply disruptions in the Middle East due to Israel's intensified attacks on Hamas and Iranian-backed forces. Brent crude futures for November delivery rose by US$1.12 to US$73.10 per barrel, while December futures climbed US$1.04 to US$72.58. U.S. West Texas Intermediate crude increased by 93 cents to US$69.11. The rise in prices follows a week where Brent fell approximately 3% and WTI fell around 5% due to demand worries in China. Analysts express concerns that a wider conflict could impact oil supplies, particularly involving Iran, a key OPEC member. Recent Israeli airstrikes have targeted Hezbollah and Houthi groups, further escalating tensions. Market analysts predict that oil prices will be influenced by supply-demand dynamics and upcoming OPEC+ supply cuts on December 1, 2024. Additionally, data indicated a contraction in China's manufacturing activity for the fifth consecutive month, raising further concerns about demand.

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https://www.nst.com.my/business/economy/2024/09/1112881/oil-prices-climb-fears-middle-east-conflict-escalation