Oil prices are jumping today, over escalating Middle East tensions, while stock markets are wavering, after getting a boost last week from talk of a US interest-rate cut.
The price of Brent, the global crude benchmark, rose 2.5 percent to trade at almost $81 per barrel.
Stock markets were mixed, taking a breather after rising on Friday when US Federal Reserve chief Jerome Powell signaled that a rate cut was coming.
Israel and Hezbollah traded a barrage of fire Sunday after 10 months of cross-border clashes.
Oil prices surged by more than 3% at one stage, but eased slightly, as both sides appeared to show restraint despite Sunday’s flare-up.
The oil market was also reacting to Libya’s eastern-based administration declaring that it was shutting down oil fields under its control and “suspending all production and exports until further notice.”
The move by the Benghazi-based administration, which controls most of the country’s oil fields, comes amid rising tensions after the UN-recognized government based in Tripoli replaced the central bank governor this morning.
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From the Liveblog of
Monday, August 26, 2024
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