Oil Markets Are Fully Focused on Geopolitical Risk

Geopolitical risk has dominated oil markets this week, with both WTI and Brent up by roughly 8% since the start of the week when Iran fired at least 180 missiles at Iran in retaliation for Israeli strikes in Lebanon.Friday, October 4th, 2024Oil prices are set to post a solid $6 per barrel week-on-week increase as ICE Brent futures entrenched themselves around $78 per barrel. Iran’s missile barrage on Israel and a potential retaliatory action from the Netanyahu government boosted the geopolitical risk premium, in fact so much that the oil…