Oil prices for the week rose by 13% on expectations of a war in the Middle East

Yesterday, the stock market continued to see a speculative rise in oil prices, caused by expectations of Israel's response to a missile attack by Iran. Israel has threatened to strike Iran's oil facilities, and Iran has said it will destroy other countries' oil terminals in response, leading to a war in the Middle East.

November Brent crude oil futures yesterday rose by 3.8% to a 3-month high of $81/barrel (+12.8% for the week), and US WTI crude oil rose by 3.6% to $77/barrel (+13% per week).

On Sunday, Goldman Sachs said that in the event of a disruption in oil supplies from Iran, Brent prices could rise to $90/barrel. JPMorgan Chase believes that given the low level of global oil reserves, oil prices will rise until the conflict between Israel and Iran is resolved.

According to Vortexa, crude oil stocks on tankers, which remained stationary for at least a week, decreased by 28% (by weight) from October 1-7 to a near five-year low of 49.11 million barrels.

Some telegram channels write that Israel has started bombing Iran. There are reports of a fire at a nuclear facility in the city of Isfagan and explosions in Tehran, but there is no official information yet.

The rise in oil prices will help the Russian Federation get more funds for waging war against Ukraine, and as a result of the rise in gasoline prices in the USA, will contribute to the victory of Trump, who declares that in the case of his presidency, Iran and the Russian Federation would not be at war (without explaining how he would manage it). .

The threat of war and rising oil prices are driving up grain and oilseed prices, so further speculative price increases can be expected this week.