{"id":75802,"date":"2023-10-23T09:05:32","date_gmt":"2023-10-23T13:05:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-pull-back-as-traders-monitor-efforts-to-contain-israel-hamas-war\/"},"modified":"2023-10-23T09:05:35","modified_gmt":"2023-10-23T13:05:35","slug":"oil-prices-pull-back-as-traders-monitor-efforts-to-contain-israel-hamas-war","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=75802","title":{"rendered":"Oil prices pull back as traders monitor efforts to contain Israel-Hamas war"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002644127\" role=\"document\">\n<p>Oil futures were lower in early trade Monday as traders monitored diplomatic efforts aimed at ensuring the Israel-Hamas war doesn\u2019t spiral into a wider regional conflict.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for December delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.40%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.40%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-0.40%<\/bg-quote><br \/>\n       fell 59 cents, or 0.7%, to $87.49 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.26%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"negative\">-0.26%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was off 42 cents, or 0.5%, at $91.74 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Brent and WTI each rose more than 1% last week, reflecting concerns the Israel-Hamas war could spread, potentially involving Iran and threatening crude supplies from the region. Crude fell Friday, however, after two U.S. hostages were released by Hamas.<\/p>\n<div class=\"paywall\">\n<p>Oil futures have rallied since the Oct. 7 attack on southern Israel by Hamas, which killed more than 1,400 and saw more than 220 hostages taken.<\/p>\n<p>Israel intensified an aerial bombing campaign of the Gaza Strip, where the death toll has topped more than 4,600 over the past two weeks, according to The Wall Street Journal. Israel has yet to mount a widely anticipated ground incursion into the enclave, which faces a humanitarian crisis. Aid shipments arrived in Gaza over the weekend.<\/p>\n<p>Analysts and traders said they expect price action to remain volatile, with fears of a potential spillover that could involve Iran unlikely to be fully dispelled. A conflict that drags in Iran would likely see renewed scrutiny of the country\u2019s crude exports, which experts said have likely climbed back to around 2 million barrels a day after being decimated by the reimposition of sanctions by the Trump administration in 2018.<\/p>\n<p>A worst-case scenario \u2014 Iran closing the Strait of Hormuz, a crucial oil-transportation chokepoint \u2014 could have an even larger effect on crude prices, analysts have warned.<\/p>\n<p>\u201cSupply-side worries drove the recent rally in crude prices, with many fearing that a protracted war, which could spill over across the Middle East, would lead to a reduction of supply in the global oil market,\u201d Ricardo Evangelista, senior analyst at ActivTrades, said in a note.<\/p>\n<p>\u201cRecent diplomatic developments helped ease tensions, bringing some hope of a de-escalation in the war. However, the situation remains volatile, and oil prices will likely remain supported and dominated by upside risk,\u201d he wrote.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-pull-back-as-traders-monitor-efforts-to-contain-israel-hamas-war-61762264?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures were lower in early trade Monday as traders monitored diplomatic efforts aimed at ensuring the Israel-Hamas war doesn\u2019t spiral into a wider regional conflict. Price action West Texas Intermediate crude for December delivery CL00, -0.40% CL.1, -0.40% CLZ23, -0.40% fell 59 cents, or 0.7%, to $87.49 a barrel on the New York Mercantile [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":75803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-75802","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>Oil prices pull back as traders monitor efforts to contain Israel-Hamas war | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures were lower in early trade Monday as traders monitored diplomatic efforts aimed at ensuring the Israel-Hamas war doesn\u2019t spiral into a 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