Meanwhile, Brent crude oil prices fell for a third day by 3.8% to $74.52 per barrel, their lowest level since October 2, notes DBS FX analyst Philip Wee.
Turning point in Middle East tensions softens oil prices
“OPEC and the International Energy Agency cut their global oil demand forecasts for 2024, citing oversupply amid weak demand from China. Fears of a broader conflict in the Middle East dissipated after “Israeli Prime Minister Benjamin Netanyahu assured US President Joe Biden that he would attack military targets and not oil or nuclear sites in Iran.”
“On October 13, US Secretary of State Antony Blinken and Secretary of Defense Lloyd Austin sent a signed warning letter to Israel to address, within the next 30 days, the significant drop in humanitarian aid to Gaza or risk a cut in arms sales.”
“Although the deadline expires after the US presidential election on November 5, the new president will only take office in January 2025.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
