Oil rises $2 per barrel after new attacks in the Middle East
Oil prices jumped more than US$2 per barrel at the opening of trading for the commodity this Sunday (7), after the Israeli military attacked Beirut, the capital of Lebanon, for the first time since the last ceasefire, after Hezbollah fire was intercepted in northern Israel.
US crude oil futures were up $2.57, or 3.48%, at $93.11 per barrel at 22:15 GMT, while Brent crude futures were up 2.87%, $2.67 per barrel, at $95.76 per barrel.
The IDF (Israel Defense Forces) claimed to have struck what they described as Hezbollah infrastructure in the Dahiyeh neighborhood of Beirut.
On the other hand, Lebanon's National News Agency reported that the attack targeted two residential buildings. Images from the scene showed a large cloud of smoke over the region and significant damage to at least one apartment block.
After the attacks, the IDF reported having detected the launch of ballistic missiles from Iran, which, according to the Israeli military, would be the first episode of its kind since the beginning of April, and issued warnings to residents of northern Israel about the possible threat of new attacks.
In response, Iran, through state broadcaster Press TV, warned that it could carry out "more devastating" attacks against Israel if Israeli forces continue operations in southern Lebanon and Beirut.
The Iranian regime accused Israel of acting with US support and stated that the country "crossed all red lines" in the context of the ongoing conflict with Hezbollah.
Amid the conflict, the President of the United States, Donald Trump, stated that he intends to pressure Benjamin Netanyahu so that Israel does not respond militarily after Iran's reaction.
In addition, the member countries of OPEC+ (Organization of Petroleum Exporting Countries and allies) once again agreed, for the fourth time, to raise their oil production targets within a two-month horizon. The decision was taken despite geopolitical tensions involving the United States and Iran, which continue to affect the production and export capacity of some of the group's members.
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According to the plan, seven central countries of the group, which brings together OPEC and allies such as Russia, had already increased their quotas between April and June by around 600 thousand barrels per day.
Despite this, the group's effective production fell, impacted by cuts in exports, especially among members of the Gulf, reaching an average of 33.19 million barrels per day in April, below the 42.77 million recorded in February, according to data from OPEC itself.
This Sunday, the same seven countries decided on a new increase of 188 thousand barrels per day from July onwards, according to a statement from the organization. The value repeats the adjustment made in June and maintains the trend of more moderate increases in relation to the previous monthly increases of 206 thousand barrels per day in April and May, adjustments that took into account changes in the participation and production of the United Arab Emirates.
*With information from Reuters.
Source: CNN