{"id":2858,"date":"2023-10-18T19:30:39","date_gmt":"2023-10-18T19:30:39","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crude-climbs-after-deadly-gaza-hospital-blast-with-iran-reportedly-calling-for-israel-oil-embargo\/"},"modified":"2023-10-18T19:30:39","modified_gmt":"2023-10-18T19:30:39","slug":"crude-climbs-after-deadly-gaza-hospital-blast-with-iran-reportedly-calling-for-israel-oil-embargo","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=2858","title":{"rendered":"Crude climbs after deadly Gaza hospital blast with Iran reportedly calling for Israel oil embargo"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002628180\" role=\"document\">\n<p>Oil prices climbed Wednesday to their highest levels in more than two weeks, following a blast at a hospital in Gaza City that left hundreds dead, and\u00a0ratcheted up regional tensions, with Iran reportedly calling for an embargo on selling oil to Israel.<\/p>\n<p>Signs of tightening U.S. crude supplies also helped lift prices.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude\u00a0<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+2.22%<\/bg-quote><br \/>\n       for November delivery\u00a0<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+2.03%<\/bg-quote><\/p>\n<p>        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"positive\">+2.03%<\/bg-quote><br \/>\n       rose $1.42, or 1.6%, to $88.08 a barrel on the New York Mercantile Exchange. Prices for the front-month contract are poised for the highest finish since Oct. 3, FactSet data show.<\/p>\n<\/li>\n<li>\n      December Brent crude\u00a0<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.02%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"negative\">-0.02%<\/bg-quote><br \/>\n       the global benchmark, gained $1.32, or 1.5%, to $91.22 a barrel on ICE Futures Europe after trading as high as $93.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"positive\">+3.05%<\/bg-quote><br \/>\n       added 1.9% to $2.3279 a gallon, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"negative\">-1.20%<\/bg-quote><br \/>\n       fell 1.9% to $2.3288 a gallon. <\/p>\n<\/li>\n<li>\n      Natural gas for November delivery<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"negative\">-0.94%<\/bg-quote><br \/>\n       traded at $3.12 per million British thermal units, up 1.3%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>On Tuesday, an explosion tore through a Gaza City hospital filled with wounded and other Palestinians seeking shelter from ongoing war, with the death toll at 500 and rising, the Hamas-run Health Ministry said. Hamas has blamed the blast on the Israeli military, which in turn said the cause was a misfired rocket from a Gaza-based militant group.<\/p>\n<p>Benjamin Picton, senior macro strategist at RaboResearch told clients in a note on Wednesday that following the tragedy, there\u2019s a rising risk of \u201cfurther escalation from Iran and Hezbollah, the former vowing a \u2018harsh response,\u2019 even including against the U.S., and the latter announcing a day of \u2018unprecedented anger\u2019 today.\u201d<\/p>\n<p>As anger spread through Arab region, Jordan canceled a planned Arab summit with President Biden, who touched down in Israel on Wednesday. Jordan\u2019s foreign minister Ayman Safadi told state-run television that the nearly two-week old war was \u201cpushing the region to the brink.\u201d<\/p>\n<p><strong>Read: <\/strong>Biden tells Netanyahu it appears \u2018the other team\u2019 caused Gaza hospital blast<\/p>\n<p><strong>Also: <\/strong>Death toll lowered in Gaza City hospital blast<\/p>\n<p>Crude prices have risen since the Oct. 7 attack by Hamas on southern Israel on fears that if Iran enters the conflict, the U.S. could increase enforcement of sanctions that would curb exports and further tighten global supplies. Iranian production has crept up to more than 3 million barrels a day, while analysts have pegged exports at around 2 million barrels a day.<\/p>\n<p>Iran\u2019s foreign minister, Hossein Amirabdollahian on Wednesday called for members of the Organization of Islamic Cooperation (OIC)\u00a0to stop selling oil to Israel oil and expel its ambassadors, Reuters reported. The OIC was holding an emergency meeting in Jeddah on Wednesday. <\/p>\n<p>\u201cWhile it is very unlikely that other nations will join in Iran\u2019s call for an embargo, even talk of such a move puts focus on Iran\u2019s oil production and exports, which are in grave risk of being taken out of the reliable supply mix,\u201d said Phil Flynn, senior market analyst at The Price Futures Group.<\/p>\n<p>Naeem Aslam, chief investment officer at Zaye Capital Markets, said it\u2019s also important to note that Russian President Vladimir Putin visited China on Wednesday while Biden was in Israel.<\/p>\n<p>\u201cThese are significant events from an oil supply perspective and the situation is changing by the hour,\u201d he said. <\/p>\n<p><strong>Read:<\/strong>70% chance Israel-Hamas war spreads beyond Gaza, threatening oil, strategist warns<\/p>\n<p><strong>Also:<\/strong> Biden says he\u2019ll ask Congress for \u2018unprecedented support package\u2019 for Israel\u2019s defense<\/p>\n<h2>Supply data<\/h2>\n<p>Oil also found support after industry data showed a fall in U.S. crude supplies.<\/p>\n<p>The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 4.5 million barrels for the week ended Oct. 13.<\/p>\n<p>On average, analysts polled by S&amp;P Global Commodity Insights expected the report to show a small decline of 30,000 barrels. The American Petroleum Institute late Tuesday reported that U.S. crude stocks fell 4.4 million barrels last week, according to a source citing the data.<\/p>\n<p>The EIA report also revealed supply declines of 2.4 million barrels for gasoline and 3.2 million barrels for distillates. Analysts forecast inventory decreases of 800,000 barrels for gasoline and 900,000 barrels for distillates. <\/p>\n<p>Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 800,000 barrels for the week, the EIA said.<\/p>\n<p><em>William Watts contributed to this report<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/crude-prices-climb-as-deadly-hospital-blast-in-gaza-ratchets-up-regional-tensions-c06b1555?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices climbed Wednesday to their highest levels in more than two weeks, following a blast at a hospital in Gaza City&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-2858","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude climbs after deadly Gaza hospital blast with Iran reportedly calling for Israel oil embargo | inFundPros<\/title>\n<meta name=\"description\" content=\"Oil prices climbed Wednesday to their highest levels in more than two weeks, following a blast at a hospital in Gaza City that left hundreds dead,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=2858\" 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