The ever-increasing tension in Central Asia is now affecting the oil market as well. After the rapid attacks between Israel and Hezbollah on Sunday, the prices of crude oil have seen a rise. In view of the increasing tension, there is a fear of disruption in oil supply. At the same time, the decision to cut interest rates in America has also increased the demand for oil. Both factors are affecting the prices of crude oil. At the same time, there seems to be no solution to the ceasefire talks between Hamas and Israel in Qatar. However, the countries mediating have not yet laid down their arms and they say that this effort will definitely bear fruit one day.
chaos in the market
The effect of tensions between Israel and Hezbollah reaching their peak and the continuous attacks is also visible on the market. Amid the fear of war, the price of crude oil increased on Monday. The Federal Reserve has also indicated a cut in interest rates. The price of Brent crude oil increased by 37 cents. It has reached $ 79.37 per barrel. The US crude future has also increased by 36 cents. Let us tell you that this is being called the biggest attack after the tension between Israel and Hezbollah for the last 10 months. Israel has also admitted that its infrastructure has been damaged by this attack.
The rift between Iran and America will increase
Lebanon’s radical Iran-backed organization Hezbollah carried out a series of attacks to avenge the death of its commander. Israel scrambled 100 jets to avoid them and also retaliated. America has also decided to open a front between Israel and Hezbollah over this attack. In such a situation, there are signs of further escalation of tension between Iran and America. After the announcement of interest rate cut by the US Federal Reserve, there was an increase in the demand for oil.
Addressing a press conference in Canada, US NSA Jake Sullivan said that the US is still trying to reach a ceasefire agreement in Cairo. The US, Egypt and Qatar are mediating for the ceasefire. However, no agreement has been reached from either side so far. The mediating countries also put forward several options to Israel, including the option of the Filadelfi corridor, which can be opened through the Gaza Strip to Egypt. However, both parties refused to accept these options.
Israel says that Hamas should first release all the hostages. Hamas says that it will accept any demand only after Israel leaves the Gaza Strip. Representatives from Egypt and Qatar met the Hamas leader regarding the proposals. Israeli officials also participated in the discussion on Sunday. In the month of July, Hamas had accepted the US proposal. It had asked for the release of soldiers and other hostages in 16 days. However, after the assassination of the Hamas chief in Tehran, all the agreements were once again put on hold.
Let us tell you that Hezbollah’s senior commander Fuad Shukr was killed in the Israeli attack. To take revenge for this, Hezbollah attacked Israel. The Israeli Prime Minister says that this is not the end of the story. Hezbollah had said that it has fired 320 Katyusha rockets towards Israel which will target military bases. Hezbollah says that it was delayed in attacking amid the discussion of ceasefire in Gaza. Israel has called Hezbollah’s statement baseless.