{"id":73915,"date":"2023-10-18T06:50:21","date_gmt":"2023-10-18T10:50:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crude-prices-surge-after-deadly-gaza-hospital-blast-iran-reportedly-calls-for-israel-oil-embargo\/"},"modified":"2023-10-18T06:50:23","modified_gmt":"2023-10-18T10:50:23","slug":"crude-prices-surge-after-deadly-gaza-hospital-blast-iran-reportedly-calls-for-israel-oil-embargo","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73915","title":{"rendered":"Crude prices surge after deadly Gaza hospital blast, Iran reportedly calls for Israel oil embargo"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002628180\" role=\"document\">\n<p>Oil prices surged on Wednesday, following a deadly blast at a hospital in Gaza City that left hundreds dead, and\u00a0ratcheted up regional tensions, with Iran reportedly calling for an embargo on selling oil to Israel.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude\u00a0<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+3.24%<\/bg-quote><br \/>\n       \u00a0for November delivery\u00a0<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+3.24%<\/bg-quote><\/p>\n<p>        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"positive\">+3.24%<\/bg-quote><br \/>\n       rose $3.38, or 2.9%, to $89.59 a barrel. The contract\u00a0settled flat at $86.66 a barrel on the New York Mercantile Exchange after losing 1.2% on Monday.<\/p>\n<\/li>\n<li>\n      December Brent crude\u00a0<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+3.13%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"positive\">+3.13%<\/bg-quote><br \/>\n       the global benchmark, gained $2.86, or 3.1%, to $92.78 a barrel. On Tuesday, the contract\u00a0gained 25 cents, or 0.3%, to $89.90 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>On Tuesday, an explosion tore through a Gaza City hospital filled with wounded and other Palestinians seeking shelter from ongoing war, with the death toll at 500 and rising, the Hamas-run Health Ministry said. Hamas has blamed the blast on the Israeli military, which in turn said the cause was a misfired rocket from a Gaza-based militant group.<\/p>\n<div class=\"paywall\">\n<p>As anger spread through Arab region, Jordan canceled a planned Arab summit with President Biden, who touched down in Israel on Wednesday.  Jordan\u2019s foreign minister Ayman Safadi told state-run television that the nearly two-week old war was \u201cpushing the region to the brink.\u201d<\/p>\n<p><strong>Read: <\/strong>Biden tells Netanyahu it appears \u2018the other team\u2019 caused Gaza hospital blast<\/p>\n<p>Iran\u2019s foreign minister, Hossein Amirabdollahian on Wednesday called for members of the Organization of Islamic Cooperation (OIC)\u00a0to stop selling oil to Israel oil and expel its ambassadors, Reuters reported. The OIC was holding an emergency meeting in Jeddah on Wednesday. <\/p>\n<p>The hospital explosion set off protests against U.S. and Israeli embassies and consulates late Tuesday and into early Wednesday across the region, in Jordan, Turkey, Tunisia, Lebanon, with protesters also gathering outside British and French embassies inside Iran, according to media reports. <\/p>\n<p>Benjamin Picton, senior macro strategist at RaboResearch told clients in a note on Wednesday that following the tragedy, there\u2019s a rising risk of \u201cfurther escalation from Iran and Hezbollah, the former vowing a \u2018harsh response,\u2019 even including against the U.S., and the latter announcing a day of \u2018unprecedented anger\u2019 today.\u201d<\/p>\n<p>Picton said attention would turn to whether Iran and Hezbollah \u201cmake good on threats to open up a new front in the north.\u201d And if Iran does get involved, that puts in play Rabo\u2019s forecast of $100 a barrel oil before the year-end, which would ratchet up \u201cfurther inflationary pressures from the supply side of the economy (and higher rates).\u201d<\/p>\n<p>Crude prices surged last week on fears that if Iran enters the conflict, the U.S. could increase enforcement of sanctions that would curb exports and further tighten global supplies. Jay Hatfield, chief executive officer at Infrastructure Capital Management, said Iran\u2019s involvement would put its 3 million barrels of daily oil production at risk.<\/p>\n<p><strong>Read:<\/strong>70% chance Israel-Hamas war spreads beyond Gaza, threatening oil, strategist warns<\/p>\n<p><em>Myra P. Saefong and Williams Watts contributed to this report<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/crude-prices-climb-as-deadly-hospital-blast-in-gaza-ratchets-up-regional-tensions-c06b1555?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices surged on Wednesday, following a deadly blast at a hospital in Gaza City that left hundreds dead, and\u00a0ratcheted up regional tensions, with Iran reportedly calling for an embargo on selling oil to Israel. Price action West Texas Intermediate crude\u00a0 CL00, +3.24% \u00a0for November delivery\u00a0 CL.1, +3.24% CLX23, +3.24% rose $3.38, or 2.9%, to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":73916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-73915","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude prices surge after deadly Gaza hospital blast, Iran reportedly calls for Israel oil embargo | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil prices surged on Wednesday, following a deadly blast at a hospital in Gaza City that left hundreds dead, and\u00a0ratcheted up regional tensions, with 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