World oil prices fall by over 1%

Oil prices fell on Monday despite Israel's expansion of ground military operations in the Gaza Strip, reported from Interfax.

December Brent futures fell in price on the London ICE Futures exchange by $1.21 (1.34%), to $89.27 per barrel.

By this time, December futures for WTI had fallen in price on the New York Mercantile Exchange NYMEX by $1.3 (1.52%), to $84.24 per barrel.

Over the past week, Brent and WTI dropped in price by 1.8% and 2.9%, respectively.

Israeli Prime Minister Benjamin Netanyahu announced last weekend that the decision had been made to move to the second phase of the operation against Hamas, which will involve more troops. Previously, the Israel Defense Forces carried out several raids in the sector.

The greatest concern among investors is the possibility of Iran being directly involved in the conflict between Israel and Hamas. Tightening sanctions on Iranian oil could lead to a reduction in the supply of raw materials on the market by 1 million barrels per day. The escalation of the conflict could threaten transport hubs and oil infrastructure in the region, MarketWatch notes.





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