Oil prices have begun skyrocketing following the deadly Hamas attack in Israel, as predictions say it could hit $150 per barrel.
Americans who are already facing high gas prices will now have to brace for another surge.
Meanwhile Biden drained our strategic reserves & shut down U.S. energy production https://t.co/KhS5MVzyRy— Josh Hawley (@HawleyMO) October 9, 2023
The Times of Israel reports:
Brent jumps 4.7 percent to $86.65 and West Texas Intermediate is up 4.5 percent at $88.39 in early Asian business.
The surprise attack that claimed the lives of 700 Israelis, a great many of them civilians, and Israel’s declaration of war in response have raised concerns that a potential broadening of the conflict could draw in the United States and Iran.
“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” says ANZ Group’s Brian Martin and Daniel Hynes.
“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”
Commentator Nick Sortor noted that “Joe Biden has drained the strategic petroleum reserves, which will give even more leverage to OPEC+ countries to take advantage of the Israel/Palestine conflict.”
🚨 JUST IN: OIL PRICES SURGE BY OVER 4.5%— Nick Sortor (@nicksortor) October 9, 2023
Conflict in the Middle East has caused oil prices to spike prior to the opening of markets on Monday morning, which will inevitably lead to an increase in gas prices that are already choking Americans.
Joe Biden has drained the… pic.twitter.com/cnfQPKAI2X
"Oil will go back to $100 a barrel within the next few months": TJM Industrials Services Director James Iuorio joins "Mornings with Maria" on oil prices rising after the attacks on Israel. pic.twitter.com/Cs2V66rOp7— Mornings with Maria (@MorningsMaria) October 9, 2023
According to Zerohedge:
“Oil prices have been a veritable rollercoaster in just the past 10 days,” but that “In retrospect, last week’s oil tumble now seems like ancient history, and after Saturday’s unprecedented events in Israel, oil has moved sharply higher after the weekend attack by Hamas against Israel, with Brent topping $88 a barrel to repair some of last week’s heavy losses, and according to some, set to continue rising until it tops $150.”
Goldman analysts predicted oil to get to $100 by mid-2024.
However, that is now expected to climb higher after the Israel attacks.
The Israeli prime minister, Benjamin Netanyahu, said his country was embarking on a “long and difficult war” against Hamas terrorists.
May is accusing the Biden administration of Hamas terrorists having access to weapons used in the deadly Israel attacks following the disastrous Afghanistan withdrawal in 2021.
The weapons left behind in Afghanistan following Biden’s disastrous withdrawal may have armed the Hamas terrorists.
Meanwhile, President Donald Trump slammed the Joe Biden made with the terrorist regime in Iran:
“Can you believe that Crooked Joe Biden is giving $6 Billion to the terrorist regime in Iran?
That money be used for terrorism all over the Middle East and, indeed, the World.
This incompetent FOOL is absolutely destroying America.”
“He had the audacity to announce this terrible deal today, September 11,” Trump continued.
“To pay for hostages will lead to kidnapping, ransom, and blackmail against Americans across the globe.
I freed many dozens of our people from various unfriendly countries and never paid a dime!”