Oil prices are rising on international commodity exchanges, following the new escalation of tension in the Middle East, which endangers the safety of critical sea routes of the “black gold”.
The price of Brent has increased almost 4.5% in the last sessions, close to 80 dollars/barrel. The picture is the same for the price of American WTI, which exceeds 76 dollars/barrel.
All of this is taking place in the wake of the assassination of Hamas political leader, Ismail Haniyeh, who was reportedly killed by Israeli fire in Iran. The Israeli attack on Beirut had preceded it, in which a top Hezbollah official was killed.
In this context, analysts consider the risk of new reprisals on the part of Hamas’ allies, through attacks on ships in the Red Sea, to be increased. A development, which undoubtedly affects international trade as well as product prices.
Meanwhile, OPEC+ will hold an online joint ministerial monitoring committee meeting (JMMC) on Thursday, August 1, to discuss developments in the market.
