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Oil prices jump as tensions in Middle East spike
The Hill ^ | 07/31/2024 | Nick Robertson

Posted on 07/31/2024 1:56:03 PM PDT by ChicagoConservative27

The price of crude oil increased Wednesday as concerns worsen over a new conflict in the Middle East after an apparent Israeli air strike killed the leader of Hamas inside Iran.

West Texas crude jumped in price Wednesday by more than $3 per barrel to about $78, a more than 4 percent increase.

Hamas leader Ismail Haniyeh was killed in the early hours of Wednesday inside a home in Tehran after he attended the inauguration of Iran’s new president. Israel has not taken responsibility for the strike, though the country’s military vowed to eliminate Hamas and its leaders in the months following the Oct. 7 attack that sparked the ongoing war in the region.

The strike has raised worries that Iran could move into more serious conflict with Israel. A similar Israeli strike on a Hamas leader in Beirut earlier Tuesday also worsened tensions with Hezbollah in the region

(Excerpt) Read more at thehill.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Front Page News; Government; Hamas; Iran; Israel; Politics/Elections; War on Terror
KEYWORDS: jump; middleeast; oil; prices
We were energy independent under Trump.. I see every time Israel strikes back they cause the tension
1 posted on 07/31/2024 1:56:03 PM PDT by ChicagoConservative27
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To: ChicagoConservative27

Drill baby drill.


2 posted on 07/31/2024 2:02:20 PM PDT by dhs12345
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To: ChicagoConservative27

BTT


3 posted on 07/31/2024 2:04:37 PM PDT by GailA (Land Grabs, Poisoned Food, KILL the COWS, Bidenomics=BIDEN DEPRESSION. STAGNATION)
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To: ChicagoConservative27

Any excuse of potential war causes gas pump prices to go up fast.

When supplies are abundant and war simmers down, they say “But lower prices will not show up at your gas pump for several months because oil has to be refined and transported.”


4 posted on 07/31/2024 2:06:40 PM PDT by frank ballenger (There's a battle outside and it's raging. It'll soon shake your windows and rattle your walls.)
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To: frank ballenger

It’ll go up today, if it hasn’t already, watch for groceries to increase too.


5 posted on 07/31/2024 2:14:06 PM PDT by Indy Pendance (Jesus can't get here soon enough!)
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To: ChicagoConservative27

$78 is better than over $100


6 posted on 07/31/2024 2:14:36 PM PDT by Fledermaus (We Are Now In A Civil War!)
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To: frank ballenger

“lower prices will not show up at your gas pump for several months”

Prices are set by product bought months before it reaches the market. Futures, in other words. But the people holding those futures can jack or lower prices today if they worry they didn’t do a good job of projecting future price movements. Prices can decline when and if they realize their futures were bought at a good level. That’s due to price competition. But from a distance consumers don’t see all that going on and come up with fairy tales to explain price movement.


7 posted on 07/31/2024 2:18:14 PM PDT by SaxxonWoods (Are you ready for Black Lives MAGA? It's coming.)
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To: ChicagoConservative27

Poor Communists have no idea how supply and demand works.


8 posted on 07/31/2024 2:23:57 PM PDT by bray (It's not racist to be racist against races the DNC hates.)
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To: ChicagoConservative27

I remember oil being 78 before and diesel was 80 cents a litre, now it’s 1.70 a litre. This is beyond screwed up. Pales in comparison to other problems, but I don’t know how anyone is driving anymore.


9 posted on 07/31/2024 2:24:05 PM PDT by Bulwyf
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To: SaxxonWoods

Why is it that ALL the gas stations in my area ALL raise the price within a couple of hours of each other. SMH


10 posted on 07/31/2024 2:24:14 PM PDT by Indy Pendance (Jesus can't get here soon enough!)
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To: Indy Pendance

Because they all buy from the same buyer and price as cost plus some cents. Delivery truck delivers on a route and all local stores go up on delivery which is tied to a local route.

Wholesale goes up, retail goes up. It’s not a conspiracy.

Yes, I used to own convenience stores.


11 posted on 07/31/2024 2:56:15 PM PDT by MeanWestTexan (Sometimes There Is No Lesser Of Two Evils)
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To: SaxxonWoods

You know much more than I.

I was amazed the gas prices weren’t already higher with all the Houthi strikes against various nations’ ships passing through the Red Sea or ships avoided the cheaper route by taking a huge detour:

News item:
From October 2023 to March 2024, the Houthis attacked more than 60 vessels in the Red Sea. To avoid attack, hundreds of commercial vessels have been rerouted to sail around South Africa.


12 posted on 07/31/2024 3:27:56 PM PDT by frank ballenger (There's a battle outside and it's raging. It'll soon shake your windows and rattle your walls.)
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To: ChicagoConservative27

Oil price was oversold anyways.


13 posted on 07/31/2024 3:34:44 PM PDT by Sam Gamgee
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To: dhs12345

The U.S. needs to get independent of this kind of crap. We should be supplying ALL of our own petroleum & natural gas needs & supplying any extra if it is available ONLY to our friendlies.


14 posted on 07/31/2024 3:39:33 PM PDT by oldtech
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To: ChicagoConservative27

Sure would be nice to be energy dominant again.


15 posted on 07/31/2024 3:49:23 PM PDT by jacknhoo (Luke 12:51; Think ye, that I am come to give peace on earth? I tell you, no; but separation.)
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To: ChicagoConservative27

Oil was down four straight weeks. It is just returning to normal levels again. I tire of hearing how oil is “soaring” or “ spiking” when it is just returning to a level where it is economical to drill.


16 posted on 07/31/2024 4:21:44 PM PDT by con-surf-ative
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To: bray

Do not be deceived. They know how it works. They aim to dismantle it and swing a wrecking ball so that they can keep power. I fully expect a false flag/black swan event so as to cancel the elections or rig them so that all the voting machines go down on voting DAY when Rs vote.


17 posted on 08/01/2024 4:29:46 AM PDT by AbolishCSEU (Amount of "child" support paid is inversely proportionate to mother's actual parenting of children)
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To: oldtech

Yup. Unfortunately, half of the population, maybe more, are ignorant.

They don’t know real world bad because they have been sheltered by life in America.

99% of human history is really really bad. The rest of the world, during modern times, is really really bad.

We are stupid ingrates.


18 posted on 08/02/2024 9:23:21 AM PDT by dhs12345
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