On Friday, 1 November, oil prices rose amid escalating tensions in the Middle East: Brent rose to $74.22 per barrel and West Texas Intermediate to $70.72 per barrel. According to Reuters, the reason for the rise in prices is related to reports of a possible Iranian attack on Israel from Iraq.
Israeli intelligence believes that Iran is planning an attack using drones and ballistic missiles, which could take place before the US elections on 5 November. These expectations are pushing the market to active growth.
Prices are further influenced by expectations that OPEC+ may postpone the planned increase in oil production, given concerns about weak demand and increased supply.
At the same time, overall price growth remains limited due to the significant losses the market suffered earlier in the week after Israel’s strike on Iranian military targets.
