Decline in oil prices halts after Israel hits Hezbollah HQ – Washington Examiner
Oil prices saw a halt in their decline on Friday following Israeli airstrikes on Hezbollah’s headquarters in Lebanon. Although prices increased slightly during the day’s trading—West Texas Intermediate rose nearly 1% and Brent crude over 1%—both benchmarks experienced an overall drop for the week, with West Texas Intermediate down 4.1% and Brent crude down about 3%. The previous week had seen a steady decline in oil prices, influenced in part by reports that Saudi Arabia might boost production. However, the recent escalation of conflict in the Middle East, particularly the ongoing tensions between Israel and Hezbollah, has contributed to market fluctuations. Israeli Prime Minister Benjamin Netanyahu commented on the airstrikes, indicating their significance in the context of the intensified situation in the region, which includes ongoing conflict in Gaza.
Decline in oil prices halts in wake of Israel hitting Hezbollah headquarters
The drop in oil prices was halted on Friday after Israel‘s strikes against Hezbollah‘s headquarters in Lebanon, but prices of the commodity still dipped overall for the week.
Oil prices had been steadily dropping. The Financial Times reported earlier this week that Saudi Arabia was considering increasing production of the commodity later this year.
However, the blast in Beirut on Friday, which Israel claimed was a “precise strike on the Central Headquarters of the Hezbollah terror organization — that served as the epicenter of Hezbollah’s terror,” appeared to cause prices for oil to go back up, according to Bloomberg.
West Texas Intermediate saw a nearly 1% increase during Friday’s trading but still netted a 4.1% drop for the week overall. Brent crude improved by more than a percentage point on Friday but still saw a roughly 3% drop for the week overall on the market. The rise in oil prices appears to be influenced by the uncertainty building in the Middle East due to the conflict between Hezbollah and Israel.
Israel’s strike on Hezbollah comes as tensions in the Middle East are reaching a pressure point, with the war in Gaza nearing a year and continued strikes being exchanged between Israel and Hezbollah in Lebanon.
Israeli Prime Minister Benjamin Netanyahu addressed the U.N. General Assembly on Friday, warning Iran he would target the country if they continued to attack Israel via proxies such as Hezbollah.
Iranian President Masoud Pezeshkian told the General Assembly on Tuesday that Israel’s attacks against Hezbollah “cannot go unanswered.” It is unclear how or if Iran and Hezbollah will respond to Israel’s latest attack on the terrorist group.
The United States and a group of other nations, such as France, pushed for a temporary ceasefire between Israel and Hezbollah’s fighting in Lebanon, but Netanyahu rejected the proposal on Thursday.
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