Geopolitical conflict intensifies, US attitude changes, oil distribution stations reach the $90 mark
2024-04-04 18:46:27
On April 5th, Brent crude oil prices rose above $90 per barrel for the first time since October last year, continuing the upward momentum driven by OPEC+production cuts, strong demand, and intensified geopolitical risks. Israeli Prime Minister Netanyahu stated at a security cabinet meeting that he is taking action against Iran and its agents and will harm those who attempt to harm Israel. Subsequently, the global benchmark oil price rose by up to 1.5%. This statement further stimulated the increase in crude oil production this year, driven by OPEC+while global demand remains strong. US President Biden told Netanyahu over the phone on Thursday that US support for its military operations in Gaza will depend on whether it takes new specific measures to protect civilians, marking a shift in US stance.
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