December futures for Brent rose in price on the London ICE Futures exchange by $0.51 (0.57%), to $90.34 per barrel, and December futures for WTI on the New York Mercantile Exchange NYMEX grew by $0.45 (0.53%), to $85.94 per barrel.
Both brands yesterday showed the most significant decline in percentage terms since October 4.
On October 24, prices were supported by renewed concerns that the war between Israel and Hamas could lead to a larger conflict in the Middle East and disrupt oil supplies, Trading Economics reports.
The Israel Defense Forces attacked infrastructure facilities of the Shiite Hezbollah movement in Lebanon. "They included a military complex, a military post and an observation post used by Hezbollah,” the IDF said.
The strikes were carried out "in response to the launches of rockets and anti-tank missiles from Lebanese territory on October 23."
Activ Trades senior analyst Ricardo Evangelista points out that the continued volatility in the region will likely continue to support oil prices, and the likelihood of their growth will be higher than the likelihood of a decline.
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