Oil prices remain stable after drop amid potential Israel-Hezbollah ceasefire
OIL & GAS

Oil prices remain stable after drop amid potential Israel-Hezbollah ceasefire

Oil prices stabilized during Asian trading as traders assessed the uncertainty stemming from the Middle East conflict against ongoing bearish market conditions. By 0223 GMT, Brent crude futures increased by 11 cents, or 0.14 percent, reaching $77.29 per barrel, while U.S. West Texas Intermediate futures rose by 3 cents to $73.60 per barrel.

Previously, prices had dropped over 4 percent due to speculation about a possible ceasefire between Hezbollah and Israel. Despite this, the market remained cautious about a potential Israeli attack on Iran's oil infrastructure. Analysts at Macquarie noted that they expected further volatility as the market balanced bearish fundamentals with supply risks resulting from escalating tensions in the Middle East.

The sharp decline in prices on Tuesday followed a rally initiated by Iran's missile barrage at Israel on October 1, which led to an 8 percent increase for the week, marking the most significant rise in over a year. Additionally, Hezbollah officials seemed to retract their stance on a truce in Gaza as a prerequisite for a ceasefire in Lebanon. Naim Qassem, Hezbollah's deputy leader, expressed support for efforts to secure a truce during a televised address, notably omitting any mention of the end of the war in Gaza as a necessary condition.

Oil prices stabilized during Asian trading as traders assessed the uncertainty stemming from the Middle East conflict against ongoing bearish market conditions. By 0223 GMT, Brent crude futures increased by 11 cents, or 0.14 percent, reaching $77.29 per barrel, while U.S. West Texas Intermediate futures rose by 3 cents to $73.60 per barrel. Previously, prices had dropped over 4 percent due to speculation about a possible ceasefire between Hezbollah and Israel. Despite this, the market remained cautious about a potential Israeli attack on Iran's oil infrastructure. Analysts at Macquarie noted that they expected further volatility as the market balanced bearish fundamentals with supply risks resulting from escalating tensions in the Middle East. The sharp decline in prices on Tuesday followed a rally initiated by Iran's missile barrage at Israel on October 1, which led to an 8 percent increase for the week, marking the most significant rise in over a year. Additionally, Hezbollah officials seemed to retract their stance on a truce in Gaza as a prerequisite for a ceasefire in Lebanon. Naim Qassem, Hezbollah's deputy leader, expressed support for efforts to secure a truce during a televised address, notably omitting any mention of the end of the war in Gaza as a necessary condition.

Next Story
Technology

BBMP Pledges Faster E-Khata Processing Amid Citizen Complaints

Facing mounting complaints over delays in e-khata issuance, the Bruhat Bengaluru Mahanagara Palike (BBMP) has promised to resolve the issue within 10 days. BBMP Chief Commissioner Tushar Giri Nath assured citizens that efforts are underway to expedite processing rates from the current 2,000 to a target of 10,000–15,000 applications daily. "We have cleared 90% of the 90,000 pending applications, leaving only 4,500 to process. To meet the demand, over 800 additional staff and assistant revenue officers (AROs) have been deployed to manage applications in each ward," Nath stated. Persistent Dela..

Next Story
Real Estate

Delhi HC Orders DDA to Assist CBI in Housing Lapses Probe

The Delhi High Court has instructed the Delhi Development Authority (DDA) to fully cooperate with the Central Bureau of Investigation (CBI) in its probe into alleged lapses in the construction of 336 high-rise HIG/MIG houses at Signature View Apartments, north Delhi. Justice Chandra Dhari Singh emphasized that DDA must furnish information about any internal inquiry and the officials involved to facilitate the investigation. The court noted CBI’s submission that DDA had not responded to multiple reminders since July, delaying the probe. The CBI is investigating allegations of "cheating, crimi..

Next Story
Infrastructure Urban

Mahindra Lifespace to Appeal Tamil Nadu GST Tax Demand

Mahindra Lifespace Developers Ltd has announced a tax demand of Rs 20.9 million imposed by the Tamil Nadu GST department, including interest and penalties. The order, issued by the Assistant Commissioner of State Tax, Chengalpattu, cites an alleged shortfall in GST payments under Section 74 of the GST Act, 2017. The realty firm refuted the allegations, stating, “Based on the company's assessment, there is no noncompliance, and a general penalty has been imposed.” The company plans to appeal the order, expressing confidence in a favorable resolution. Mahindra Lifespace assured stakeholders ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000