Sunday, August 31, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » World News » Oil climbs more than $1 per barrel on reports Iran preparing to strike at Israel

Oil climbs more than $1 per barrel on reports Iran preparing to strike at Israel

November 1, 2024
in World News
0
An oil-drilling rig operates on Sept. 26, 2014 near Walle, Germany.
Getty Images

An oil-drilling rig operates on Sept. 26, 2014 near Walle, Germany. Getty Images

541
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.

Brent crude futures, which have rolled to the January contract, climbed $1.31, or 1.80%, to $74.12 a barrel by 0128 GMT.

U.S. West Texas Intermediate crude futures rose $1.35, or 1.95%, to $70.61 a barrel after settling up 0.95% in the previous session.

Israeli intelligence suggests Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the U.S. presidential election on Nov. 5, Axios reported on Thursday, citing two unidentified Israeli sources.

The attack is expected to be carried out from Iraq using a large number of drones and ballistic missiles, the Axios report added.

ReadAlso

Niger Delta Militants Launch Attacks On Oil Infrastructure, Vow To Expel ‘Usurpers’ Amid Rivers Political Crisis

Boss of Seplat wants to ‘demystify’ Nigeria for investors

Oil prices were also supported by expectations that OPEC+ could delay December’s planned increase to oil production by a month or more, four sources close to the matter told Reuters on Wednesday, citing concern about soft oil demand and rising supply. A decision to delay the increase could come as early as next week, two of the sources said.

However, prices are set to fall more than 1% for the week, struggling to recover from a 6% loss on Monday after Israel’s strike against Iran’s military on Oct. 26 bypassed oil and nuclear facilities and did not disrupt energy supplies.

ADVERTISEMENT

“Despite the crude oil market looking to lock in a third straight day of gains, it has been unable to completely erase the large gap lower that followed Monday’s re-open,” said IG market analyst Tony Sycamore based in Sydney.

However, WTI’s rebound should extend back towards where it closed last Friday at about $71.80, he added, as tensions in the Middle East returned to focus.

“After that, though, all bets are off. I think it will depend on who wins the U.S. election and what fiscal stimulus details, if any, come from the NPC standing committee meeting,” Sycamore said, referring to major events in the U.S. and China, world’s largest oil consumers, next week.

In China, manufacturing activity swung back to growth in October, a private-sector survey showed on Friday, echoing an official survey on Thursday that showed manufacturing activity expanded in October for the first time in six months. Both surveys suggest stimulus measures are having an effect.

U.S. gasoline stockpiles fell unexpectedly last week to a two-year low on strengthened demand, the Energy Information Administration (EIA) said on Wednesday, while crude inventories also posted a surprise drawdown as imports slipped.

The world’s largest oil producer pumped a monthly record high of 13.4 million barrels per day in August, EIA said.

Source: Reuters
Tags: oilOil PriceOPEC+
ADVERTISEMENT
Previous Post

China’s manufacturing output swings back into expansion in October, private survey finds

Next Post

Algeria refuses to vote on UN Security Council Resolution to Extend Peacekeeping Mission in Western Sahara

You MayAlso Like

The tallest bridge in the world begins pre-opening load tests in Guizhou province on Aug 21, 2025. (LIU QING / FOR CHINA DAILY)
World News

China finishes world’s highest bridge

August 31, 2025
UK

Prince Harry ‘to meet with King Charles’ when he returns to UK for anniversary of Queen Elizabeth II’s death

August 29, 2025
UK

Get your children the chickenpox jab to stop the anti-vaxxers, minister tells parents

August 29, 2025
Middle-East

How former Israeli PM Olmert views the war

August 28, 2025
UK

Prince Harry to return to UK on third anniversary of Queen’s death

August 28, 2025
World News

Chaos at Airport after passenger set fire to check-in desk

August 20, 2025
Next Post
UN Security Council

Algeria refuses to vote on UN Security Council Resolution to Extend Peacekeeping Mission in Western Sahara

UN Extends Western Sahara Peacekeeping Mandate by One Year, Shuts Down Algeria’s Hostility

Discussion about this post

Inside the Battle for Ownership of Madonna University

Stolen Soil, Land Grabbing: Mburubu Community Sends SOS to Enugu Govt

Kemi Badenoch reveals ‘hysterical’ level of personal attacks faced as a black woman

NYSC Member Shares Harrowing Experience with Anambra Vigilantes

Africa’s largest refugee-hosting country is facing backlash over US migrant deal

Six beers that are good for your gut health – and the ones to avoid

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1240 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1066 shares
    Share 426 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    972 shares
    Share 389 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    904 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Ex-IGP Solomon Arase Dies at 69

August 31, 2025
The tallest bridge in the world begins pre-opening load tests in Guizhou province on Aug 21, 2025. (LIU QING / FOR CHINA DAILY)

China finishes world’s highest bridge

August 31, 2025
The mountainous northern tip of Somalia’s Puntland State has become the base of operations of the Islamic State group’s al-Karrar office, which coordinates financing for the group’s terrorist operations across African, the Middle East and Central Asia. GETTY IMAGES/THE WASHINGTON POST

Terrorists Killed 150,000 Across Africa in Past Decade, Study Finds

August 31, 2025

Prince Harry ‘to meet with King Charles’ when he returns to UK for anniversary of Queen Elizabeth II’s death

August 29, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.