The barrel price of Brent oil, which started the day at $71.82 yesterday, rose to $75.35 during the day after Iran attacked Israel with dozens of ballistic missiles. With these developments, Brent oil, which completed the day at 74.27 dollars, gained more than 3 percent in value compared to the opening.
The barrel price of Brent oil increased by 0.5 percent compared to the closing time at 09.31, reaching 74.64 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $70.74 per barrel.
It was stated that Iran’s attack on Israel was carried out in response to the Israeli attacks in which Hamas leader Ismail Haniyeh, Hezbollah leader Hassan Nasrallah and Iranian general Abbas Nilfurashan were killed.
It was warned that if Israel responded militarily to this attack, it would receive a “destructive response”.
Israeli Minister of Culture and Sports Miki Zohar made a statement on his social media account about Iran’s missile attack on Israel.
Targeting the Iranian government, Zohar stated that Iranian leaders “made a wrong decision and they will pay the price” with the missile attack on Israel.
The thoughts that the escalating tensions in the Middle East, where most of the global oil reserves are located, will cause a disruption in global supply, feed the supply concerns of market players and have an increasing effect on prices.
On the other hand, uncertainties regarding the size of the steps the US Federal Reserve (Fed) will take in the next period continue to support the rise in prices.
While the expectation that the Fed will make a 75 basis point reduction by the end of the year remains strong in the pricing in money markets, it is predicted that there will be a 25 basis point interest rate reduction in November with a 60 percent probability.
It is thought that these expectations will increase the demand for oil by causing the US dollar to lose value against other currencies.
It is stated that technically, the range between 76.64 and 78.81 dollars in Brent oil can be watched as resistance, and the range between 71.11 and 67.75 dollars can be watched as support zone.