{"id":142682,"date":"2023-10-10T01:21:55","date_gmt":"2023-10-10T01:21:55","guid":{"rendered":"https:\/\/theprojectsworld.com\/?p=142682"},"modified":"2023-10-10T01:21:55","modified_gmt":"2023-10-10T01:21:55","slug":"oil-prices-soar-after-israel-attack-and-it-could-hit-cost-at-pumps-in-two-weeks-the-sun","status":"publish","type":"post","link":"https:\/\/theprojectsworld.com\/lifestyle\/oil-prices-soar-after-israel-attack-and-it-could-hit-cost-at-pumps-in-two-weeks-the-sun\/","title":{"rendered":"Oil prices soar after Israel attack \u2014 and it could hit cost at pumps in two weeks | The Sun"},"content":{"rendered":"

OIL prices have soared after the Hamas attack on Israel \u2014 amid fears it could increase tensions across the Middle East and lead to shortages.<\/p>\n

Brent crude, the international benchmark for oil prices, leapt 5.2 per cent yesterday before steadying 3.8 per cent higher at $88 per barrel.<\/p>\n


\n<\/p>\n

That\u2019s bad news for drivers, as petrol and diesel prices at the pump typically take two weeks to reflect higher wholesale costs.<\/p>\n

The sharp rise is a late sting in the tail for motorists.<\/p>\n

Oil prices had been falling steadily during September as investors reckoned higher interest rates around the world would start to reduce global demand.<\/p>\n

Israel is not an oil producer, but the resurgent Gaza conflict threatens disruption to supplies, experts have warned.<\/p>\n

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Michael Hewson, chief market analyst at CMC Markets, said: \u201cThe raising of the geopolitical temperature in the Middle East has seen a strong rebound in crude oil prices, which has seen some of last week\u2019s big falls get reversed.\u201d <\/p>\n

Meanwhile airline shares sank yesterday as carriers cancelled and rescheduled their flights to Israel.<\/p>\n

Ryanair, Lufthansa, Wizz Air, Virgin Atlantic, British Airways and Air France all suspended flights to Tel Aviv yesterday.<\/p>\n

The Foreign Office has advised against all but essential travel to Israel and the occupied Palestinian territories.<\/p>\n

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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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