Oil prices rise following Hamas attack on Israel (www.bbc.com)

submitted 11 months ago by MicroWave@lemmy.world to c/world@lemmy.world

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Oil prices have jumped on concerns that the situation in Israel and Gaza could disrupt output from the Middle East.

Brent crude, the international benchmark, climbed by $2.25 a barrel to $86.83, while US prices also rose.

Israel and Palestinian territories are not oil producers but the Middle Eastern region accounts for almost a third of global supply.

Hamas's assault on Israel was the biggest escalation between the two sides for decades.

Western nations condemned the attacks. A spokesperson for Hamas, the Palestinian militant group, told the BBC that the group had direct backing for the move from Iran - one of the world's largest oil producers.

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[-] ToroidalX@lemmy.world 47 points 11 months ago

I can't believe these companies can increase prices as if nothing. Like, it's not even near their production sites, yet they try to profit from every single event. It's so scummy

[-] bernieecclestoned@sh.itjust.works 9 points 11 months ago

They don't. The oil price is set in the futures market. The threat of a widening conflict could affect production so the futures price is increasing as a result of that possibility.

[-] ToroidalX@lemmy.world 13 points 11 months ago

Yeah you are right, but it's all speculation. They are covering their ass. Even if production came to a halt, I'm sure these companies would be alright. I guess the world always works like this. It makes me angry

[-] kent_eh@lemmy.ca 7 points 11 months ago* (last edited 11 months ago)

but it's all speculation.

Welcome to the Wall Street Casino

Very little of the "value" in the stock market is based directly on the company's current products and services.

[-] ToroidalX@lemmy.world 4 points 11 months ago* (last edited 11 months ago)

Angry sad noises. Yeah, I know. But I needed to rant about it anyways. There's so much wrong with the world and I can change nothing

this post was submitted on 09 Oct 2023

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