Oil prices rise in Middle East in contrary to global market

Moscow: Contrary to the global market, there is a trend of increasing oil prices due to the possibility of expected ground attacks on Gaza by Israel. Asian markets remained bearish on Friday while oil prices rose.

According to the foreign media, after 1400 people were killed as a result of Hamas's attack on Israel on October 7, along with Israel's bombing of Gaza, business community is monitoring the situation in the Middle East with fear.

Meanwhile, according to the report, Iran has threatened to join the war if Israel launches a ground attack on Gaza, raising fears that the entire region could be engulfed in a wider conflict.

On the other hand, the Pentagon said in a statement that the US Navy shot down missiles and drones in the Red Sea on Thursday that were likely fired at Israel by the Iran-backed Houthi rebels in Yemen, which is in the midst of tensions. There is a sign of other countries joining.

Oil prices rose and profits extended on fears of an outbreak of war in the Middle East, which led to a 1% rise in oil trade in Asia.

According to experts, the risk premium in crude oil has increased once again. As long as the tension between Hamas and Israel remains at the peak, the risk of further increase in crude oil prices due to tension concerns will remain.