Oil prices rise more than 1% after the martyrdom of leader Ismail Haniyeh in Tehran

Published on July 31, 2024
Ansarullah website – Follow-ups

Oil futures rose more than 1% today, Wednesday, after the martyrdom of leader Ismail Haniyeh, head of the political bureau of Hamas movement, in the Iranian capital, Tehran.

This event sparked new tensions in the Middle East, which pushed oil prices higher. However, prices remained under pressure due to concerns about weak demand in China.

Brent crude futures rose by $1.17 per barrel, equivalent to 1.5%, to reach $79.80 per barrel by 03:46 GMT before expiring today. The most active October contracts also recorded an increase of $1.11, to reach $79.18 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude futures rose $1.15 a barrel, or 1.5%, to $75.88 a barrel.

This rise came after both Brent and WTI fell by about 1.4% on Tuesday, closing at their lowest levels in seven weeks.

Tensions in the Middle East escalated after Hamas and the Iranian Revolutionary Guard announced the martyrdom of the leader Haniyeh in a Zionist raid in Iran on Wednesday.

Despite these events, Brent and WTI are heading towards recording their biggest monthly losses in July since 2023.

IG analyst Tony Sycamore explained that oil prices fell due to ongoing concerns about the demand outlook in China, optimism about a ceasefire in Gaza, and the exclusion of OPEC+ from its current plan to ease cuts starting in October, during its meeting this week.

Slowing fuel demand in China, the world’s largest importer of crude oil and the biggest contributor to global demand growth, is having a major impact on oil markets, putting additional pressure on prices.

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