Oil prices rise as Iran plans potential attack on Israel

livemint.com October 31, 2024, 08:01 PM UTC

Summary: Oil prices rose for a second consecutive day, with West Texas Intermediate surpassing $70 a barrel. This increase follows reports of a potential Iranian retaliatory attack on Israel, raising concerns about supply disruptions in the Middle East.

Israeli airstrikes continue, including a recent strike on a Hezbollah fuel depot that resulted in multiple casualties. Despite Israel's openness to ending the conflict in Lebanon, fighting persists, contributing to market volatility.

US crude output reached a record high, but declining inventories have tightened supply. Traders remain cautious ahead of upcoming US elections and an OPEC meeting on output plans for December.

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Timeline:

  1. [3.5]
    Oil prices decline 4% over week as US crude output hits record high (livemint.com)
    3h
    Source
  2. [3.1]
    Oil prices rise slightly on Iran tensions but decline for the week (livemint.com)
    18h
    Source
  3. [3.7]
    Oil prices rebound as Iran considers potential strike on Israel (benzinga.com)
    22h
    Source
  4. [3.4]
    Oil prices fluctuate sharply as demand concerns and geopolitical tensions impact market stability (oilprice.com)
    23h
    Source
  5. [3.2]
    Oil prices rise amid geopolitical tensions and OPEC+ production cut talks (oilprice.com)
    23h
    Source
  6. [3.2]
    Oil prices poised for weekly decline despite brief rebound on geopolitical tensions (oilprice.com)
    1d 6h
    Source
  7. [3.5]
    Iran's energy infrastructure faces increased vulnerability after Israeli strikes (oilprice.com)
    2d 13h
    Source
  8. [3.2]
    Oil prices rise as Middle East tensions and US stockpiles draw attention (livemint.com)
    2d 17h
    Source