FLASH NEWS
Rising tensions in the Middle East boost oil prices, worries global stock markets
2024-10-02 09:57:46 / BOTA
ALFA PRESS
Oil prices rose further today on concerns about an escalation of hostilities in the Middle East, CNN reports.
Brent crude, the global benchmark, is at $74.88 a barrel, while WTI, the US benchmark, was 2% higher at $71.20. Each had ended about 2.5% higher today.
Rising tension in the region has "poured cold water" on the bullish sentiment that had fueled financial markets over the past week, according to Stephen Innes, managing partner at SPI Asset Management.
"If Israel damages Iran's oil industry, global markets will be left scrambling to catch up," he wrote in a research note on Wednesday.
Iran is a major producer and a member of the Organization of the Petroleum Exporting Countries (OPEC). The country exports most of its oil to China due to longstanding international sanctions, but analysts have previously said a reduction in those exports would have a massive impact on the global market.
Uncertainty has also affected global stocks and other commodity markets. With the exception of Hong Kong, most Asian stock markets were in the red on Wednesday, following a sell-off on Wall Street.
Gold, seen as a safe investment, was trading near last week's all-time high.
Happening now...
ideas
Kush e kërkon dhe kush investon te kërkesa për qeveri teknike?
Nga Gjergji Nika
Turkey's religious diplomacy!
Nga Sokol Neçaj
top
Alfa recipes
TRENDING 
services
- POLICE129
- STREET POLICE126
- AMBULANCE112
- FIREFIGHTER128