Oil prices are rising on international commodity exchanges, following the new escalation of tension in the Middle East, which is putting the security of critical “black gold” shipping routes at risk.
The price of Brent has risen almost 4.5% in recent sessions, close to 80 dollars/barrel. The picture is the same for the price of American WTI, which exceeds 76 dollars/barrel.
All of this is happening in the wake of the assassination of Hamas political leader Ismail Haniyeh, who was reportedly killed by Israeli fire in Iran. The Israeli attack on Beirut preceded it, in which a senior Hezbollah official was killed.
In this context, analysts consider the risk of further reprisals by Hamas allies through attacks on ships in the Red Sea to be increasing. This development will undoubtedly affect international trade and also the prices of goods.
Meanwhile, OPEC+ will hold an online ministerial monitoring committee (JMMC) meeting on Thursday, August 1, to discuss market developments.