Middle East Conflict Fears Drive Oil Prices Above $80 per Barrel

Oil prices : $80 per barrel

1. Concerns over the conflict spreading in the Middle East on the anniversary of the October 7 attack on Israel.

2. Oil prices have surged above $80 per barrel.

3. Brent North Sea oil has risen by 2.6%.

4. West Texas Intermediate (WTI) crude oil has also increased by 2.85%.

Fears of renewed conflict in the Middle East have led to a sharp increase in oil prices. On the anniversary of the October 7 attack on Israel, significant price hikes were seen in the London oil market. On Monday, the price of Brent North Sea oil rose by 2.6%, reaching $80.10 per barrel.

Its American counterpart, West Texas Intermediate (WTI) crude, for November delivery also climbed 2.85%, hitting $76.51 per barrel. This development has raised concerns about potential disruptions in oil supply, which could further shake the global market.

The tensions in the Middle East are heightening the perceived risk to oil supplies, driving this price increase. Analysts warn that this situation could lead to energy supply instability in international markets.