On August 1st, according to Jinshi Data, the threat of a wider conflict in the Middle East increased after the political leader of Hamas was killed, and oil prices pumped, with Brent crude oil prices breaking $81 per barrel. Analysts at ING Group stated in a report, ‘Before these tensions subside, the market may need to digest greater geopolitical risk premiums. Although Israel has not claimed responsibility for the assassination, Iran has stated that it will retaliate because the assassination took place on Iranian territory.’ The decline in US inventories and the suggestion of a possible interest rate cut by the Federal Reserve also supported oil prices. Traders are now awaiting the OPEC+ meeting to see if ministers will propose any changes to the current policy.
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