By Katya Golubkova
If you're looking to make smart investment moves in the current market, pay attention to the latest developments in the Middle East. Oil prices have edged higher on Monday amid growing concerns of potential supply disruptions in the region due to heightened tensions between Israel and Iranian-backed forces.
Oil futures for November delivery saw a 0.22% increase to $72.14 a barrel, while the more-active contract for December delivery rose by 0.14% to $71.64. U.S. West Texas Intermediate crude futures also added 0.12% to $68.26 a barrel.
Last week, both Brent and WTI crude prices fell, but the recent escalation of attacks in the Middle East has supported prices today. Israel's increased attacks on militant groups backed by Iran have raised concerns about potential supply disruptions from key OPEC producer Iran.
As tensions continue to rise, investors are also keeping an eye on Federal Reserve Chair Jerome Powell's upcoming speech for clues on the Fed's monetary policy. Additionally, OPEC+ plans to raise output in December, and oil exports from Libya are expected to resume, which could put pressure on prices in the future.
In summary, the current geopolitical situation in the Middle East is impacting oil prices and could have significant implications for global markets. Investors should stay informed and consider the potential risks and opportunities that arise from these developments.
