Brent oil rises to almost $88 per barrel

Prices for benchmark oil rose on October 11 morning after declining at the end of the previous session, Report informs referring to Interfax.

The price of December futures for Brent on the London ICE Futures exchange amounted to $87.98 per barrel, which is $0.33 (0.38%) higher than the closing price of the previous session.

Prices for WTI oil futures for November at online trading on the New York Mercantile Exchange (NYMEX) by that time increased by $0.29 (0.34%) and amounted to $86.26 per barrel.

Global markets continue to monitor the situation in the Middle East, where the Hamas group attacked Israel on October 7, killing more than 1,000 people. In response, the Israeli army attacked targets in the Gaza Strip and declared war on the group.

Israel produces a small amount of oil, but media reported that Iranian intelligence services could have taken part in planning and coordinating the attack on the country. Tehran denies such accusations but expresses public support for Hamas.

Iran produced about 3.1 million barrels of oil per day in August, noted Commerzbank analyst Carsten Fritsch. This is the maximum since the fall of 2018, when the US, under President Donald Trump, re-imposed sanctions on the republic’s oil sector. Its exports are estimated at approximately 2 million bpd.





www.anews.az