By ForexTime
Oil prices were in sharp focus on Monday after surging on geopolitical tensions following the weekend attack on Israel.
Looking at the technical picture, Brent remains under pressure on the weekly charts. However, a strong weekly close back above the $89.70 level may provide an opportunity for bulls to re-challenge $95.00.
While neither Israel nor Palestine are major oil producers, there are concerns that the conflict could spread through the region – resulting in major supply disruptions. The risk of the conflict evolving into a proxy war, involving the US and Iran has also raised the risks of more supply shocks amid tightening of sanctions. It is worth keeping in mind that Iran is not only a supporter of Hamas but one of the world’s largest oil producers.
Free Reports:
It is worth noting that oil prices had tumbled aggressively this month, shedding over 8% before the attack on Israel. The global commodity was pressured by concerns over higher interest rates and slowing growth dampening the demand outlook. The monthly reports will be scrutinized for fresh insight into the outlook for crude oil as the final quarter of 2023 gets underway.
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