Day: October 2, 2024

Shafaq News/ On Wednesday, Basrah crude oil prices edged lower as global oil prices jumped.

Basrah Heavy crude increased by $1.36 to $67.21 per barrel, and Basrah Medium crude by $1.36, reaching $70.21 per barrel.

Brent futures leaped $1, or 1.36%, to $74.56 a barrel, while U.S. West Texas Intermediate (WTI) crude spiked $1.07, or 1.53%, to $70.9 at 0330 GMT, according to Reuters.

Shafaq News/ Oil prices jumped by over a dollar on Wednesday due to rising concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran’s biggest ever military blow against Israel.

Brent futures leapt $1, or 1.36%, to $74.56 a barrel, while U.S. West Texas Intermediate (WTI) crude spiked $1.07, or 1.53%, to $70.9 at 0330 GMT.

During trading on Tuesday, both crude benchmarks surged more than 5%.

Oil markets were largely focusing on the narrative of a weakening global economic outlook denting demand for fuel, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“Still, the scale quickly turned towards fears of oil supply disruptions in the Middle East after Iran fired ballistic missiles at Israel,” Sachdeva said.

Iran said early on Wednesday that its missile attack on Israel was over barring further provocation, while Israel and the U.S. promised to retaliate against Tehran as fears of a wider war intensified.

Tehran said any Israeli response to the attack, which Israel said involved more than 180 ballistic missiles, would be met with “vast destruction”.

The United Nations Security Council scheduled a meeting about the Middle East for Wednesday, and the European Union called for an immediate ceasefire.

The direct involvement of Iran, an OPEC member, raises the prospect of disruptions to oil supplies, ANZ analysts said in a note, adding that the country’s oil output rose to a six-year high of 3.7 million barrels per day in August.

Spain’s energy crisis has seen both gas and electricity prices soar,

“A major escalation by Iran risks bringing the U.S. into the war,” Capital Economics said in a note. “Iran accounts for about 4% of global oil output, but an important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted.”

A panel of ministers from the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, meets later on Wednesday to review the market, with no policy changes expected. From December, OPEC+, which includes Russia, is set to raise output by 180,000 barrels per day (bpd) monthly.

“Any suggestion that production hikes will proceed could offset concerns of supply disruptions in the Middle East,” ANZ’s note said.

U.S. stockpile data was mixed: crude oil and distillate inventories fell last week while gasoline inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Oil investors will also be closely watching Friday’s U.S. jobless claims data as it is expected to influence projections of the Federal Reserve’s monetary easing, which may aid long-term oil demand by stimulating overall economic activity, Phillip Nova’s Sachdeva said.

(Reuters)

Shafaq News/ Growing concerns over the widening conflict in the Middle East have prompted several global airlines to suspend their flights to the region or avoid affected airspaces.

The Emirati government-owned Flydubai announced, on Wednesday, the cancellation of its flights to Jordan, Iraq, Israel, and Iran on October 2nd and 3rd due to temporary airspace closures in the region.

German airline group Lufthansa, KLM and Swiss  announced on Tuesday that it had extended its suspension of flights to Beirut and Tel Aviv, citing “the current situation in the Middle East.”

Greek carrier Aegean Airlines canceled flights to and from Beirut until October 31st and to Tel Aviv until October 6th. Meanwhile, Air Algérie has suspended all flights to and from Lebanon until further notice, and Latvia’s airBaltic canceled its Tel Aviv routes until October 31st.

Spanish airline Air Europa suspended its Tel Aviv services until October 2nd, while the Air France-KLM group halted flights from Paris to Tel Aviv and Beirut until October 8th. KLM extended its Tel Aviv flight cancellations until October 26th.

Low-cost carrier Transavia, part of the Air France-KLM group, canceled all flights to and from Tel Aviv until March 31st, 2025, as well as flights to Amman and Beirut until November 3rd.

Latvia’s airBaltic canceled flights to and from Tel Aviv until October 14.

Other airlines also suspended flights including, Air Algerie, airBaltic, Air Europa, Air France-KLM, Air India, Bulgaria Air, Cathay Pacific, Delta Air Lines, EasyJet, Emirates, IAG (British Airways, Vueling), Iran Air, Iraqi Airways, ITA Airways, LOT, Pegasus, Ryanair, Sundair, TAROM, United Airlines.

Shafaq News/ The Israeli military launched more than 10 airstrikes on Hezbollah targets in Beirut’s southern suburbs early Tuesday.

Israeli army spokesperson Avichay Adrae said the strikes targeted “terrorist sites affiliated with Hezbollah” in the areas of Hadath, Rweiss, Choueifat, Haret Hreik, and Shiyah.

The strikes came shortly after the Israeli army urged residents in these areas, particularly those within 500 meters of the target zones, to evacuate their homes “immediately for their safety.” However, witnesses told Shafaq News Agency that the strikes followed too soon after the warnings, leaving civilians with little time to flee.

No official statement has been released by the Lebanese Ministry of Health regarding casualties, and the extent of the damage remains unclear.

The airstrikes follow two earlier raids in the southern suburbs that killed, according to Israeli Army, senior Hezbollah commanders. One raid killed Zulfikar Hanawi, leader of Hezbollah’s Imam Hussein Brigade, while the second killed Mohammad Jaafar Qasir, commander of Unit 4400, which the Israeli military claims facilitates arms transfers from Iran to Hezbollah.

The Lebanese Health Ministry reported that 55 people have been killed and 156 others injured in Israeli airstrikes across various parts of Lebanon over the past 24 hours.

Hezbollah Intensifies Attacks

Hezbollah continued its bombardment of northern Israel on Wednesday, as Israeli media reported a “major event” unfolding near the border. At least four helicopters were dispatched to evacuate casualties, with the Israeli army’s elite Unit 669 assisting in the operation to remove the wounded from the northern front with Lebanon.

According to Israel’s Channel 12, over thirty rockets were fired from Lebanon towards border settlements in the Galilee, triggering air raid sirens in Zar’it, Shomera, Even Menahem, Avivim in the western Galilee, as well as Kiryat Shmona and surrounding areas.

In a series of statements, Hezbollah announced that it had targeted an Israeli military gathering in Shtula settlement with two Burkan rockets, claiming direct hits. They also reported launching rocket and artillery strikes on a large infantry unit in Misgav Am, saying they had achieved “precise and direct hits.”

At 7:15 AM, Hezbollah said it had fired a salvo of rockets at an Israeli military base in Shomera, again claiming direct hits.

Earlier on Wednesday morning, Hezbollah fighters reportedly repelled an Israeli infantry unit attempting to infiltrate the Lebanese town of Adaisseh from Khallat al-Mahafir, inflicting losses and forcing them to retreat.

Israeli media also reported that a rocket launched from Lebanon struck near Tel Aviv without triggering air raid sirens.