As of October 17, 2024, oil prices are experiencing volatility due to escalating tensions between Israel and Iran. Brent crude has fallen below $74 a barrel, influenced by fears of supply disruptions and weak demand, particularly from China. Analysts predict potential price spikes if conflict escalates further.
The recent conflict between Israel and Iran has heightened concerns over oil supply disruptions. Following Iran's missile attacks on Israel, oil prices initially surged but have since declined due to increased production from other countries and weakening demand, especially from China.
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Iran, also called Persia, and officially the Islamic Republic of Iran, is a country in Western Asia. It is bordered to the northwest by Armenia and Azerbaijan, to the north by the Caspian Sea, to the northeast by Turkmenistan, to the east by Afghanistan a
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Israel, formally known as the State of Israel, is a country in Western Asia, located on the southeastern shore of the Mediterranean Sea and the northern shore of the Red Sea.
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Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula.
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The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 nations. Founded on 14 September 1960 in Baghdad by the first five members, it has since 1965 been headquartered in Vienna, Austria.
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Ukraine is a country in Eastern Europe. It is the second-largest European country after Russia, which borders it to the east and northeast.
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China, officially the People's Republic of China, is a country in East Asia. It is the world's most populous country, with a population of around 1.4 billion in 2019.
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Hezbollah is a Shia Islamist political party and militant group based in Lebanon. Hezbollah's paramilitary wing is the Jihad Council, and its political wing is the Loyalty to the Resistance Bloc party in the Lebanese parliament.
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Benjamin Netanyahu is an Israeli politician serving as Prime Minister of Israel since 2009, and previously from 1996 to 1999. Netanyahu is also the Chairman of the Likud – National Liberal Movement.
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Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE Brent Crude Oil fut
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Joseph Robinette Biden Jr. is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 and represented Delaware in the United States Senate
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Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and Northern Asia. Covering an area of 17,125,200 square kilometres, it is the largest country in the world by area, spanning more than one-eighth of the Earth's in
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The International Energy Agency is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development in 1974 in the wake of the 1973 oil crisis.
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Lebanon, officially known as the Lebanese Republic, is a country in Western Asia. It is bordered by Syria to the north and east and Israel to the south, while Cyprus lies west across the Mediterranean Sea.
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Iraq, officially the Republic of Iraq, is a country in Western Asia, bordered by Turkey to the north, Iran to the east, Kuwait to the southeast, Saudi Arabia to the south, Jordan to the southwest and Syria to the west.
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The Strait of Hormuz is a strait between the Persian Gulf and the Gulf of Oman. It provides the only sea passage from the Persian Gulf to the open ocean and is one of the world's most strategically important choke points.
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The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
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The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based.
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The Middle East is a transcontinental region that generally includes Western Asia, all of Egypt, Iran, and Turkey. Soviet Central Asia, Afghanistan, and Pakistan are generally excluded.
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Sir Keir Rodney Starmer KCB QC MP is a British politician and former lawyer who has served as Leader of the Labour Party and Leader of the Opposition since 2020. He has been Member of Parliament for Holborn and St Pancras since 2015.
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Hamas is a Palestinian Sunni-Islamic fundamentalist militant organization. It has a social service wing, Dawah, and a military wing, the Izz ad-Din al-Qassam Brigades.