Day: October 2, 2024

Shafaq News/ Danish police announced, on Wednesday, that they are investigating two explosions near the Israeli embassy in Copenhagen.

Copenhagen police stated on X, “No one was injured, and we are conducting preliminary investigations at the scene.” They added that there is an ongoing investigation into a potential connection to the Israeli embassy, which is located in the area.

The Israeli Embassy did not comment on the incident.

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.