Oil prices rose amid uncertainty in the Middle East
Kyiv • UNN
The price of Brent crude rose by 0.5% amid new Israeli strikes on Lebanon and the possible tightening of US sanctions against Iran. Traders are assessing the risks ahead of the end of the ceasefire between the US and Iran.
The price of Brent crude rose 0.5% at the start of trading on Monday amid new Israeli strikes on Lebanon and the possible tightening of U.S. sanctions against Iran. Bloomberg reports, writes UNN.
Details
Traders are assessing the risks ahead of the official end of the ceasefire between the United States and Iran, which is expected on Monday. At the same time, negotiations over the Strait of Hormuz remain effectively deadlocked, while Washington is preparing a plan for Iran's economic isolation.
Israel said that it killed 11 people during strikes on southern Lebanon, including a senior commander of "Hezbollah." According to the Israeli side, the attack was carried out in response to an assault by the group that wounded three Israeli soldiers the previous day.
Markets react to geopolitical uncertainty
The most significant obstacle for the market at present remains geopolitical uncertainty, which continues to weigh on market sentiment intermittently, although the relative absence of military activity in the Middle East has reduced volatility on the periphery
U.S. stocks fell the previous day after consumer sentiment declined and retail sales were weaker than expected. The dollar also fell to its lowest level since May as traders' expectations of a Federal Reserve interest-rate hike in September diminished.
In addition to Brent, West Texas Intermediate (WTI) futures rose 0.3% on Monday to $82.67 per barrel. Meanwhile, S&P 500 futures were little changed, while bitcoin fell 0.2% to $62,906.66.