Oil closed slightly lower as the dollar appreciated; the escalation of tensions in the Middle East had no impact on the commodity (Image: REUTERS/Stringer/Archivo)
O oil started the week in decline with the strengthening of the dollar, even with the escalation of conflicts in the Middle East. Israel's bombings in Lebanon killed more than 350 people, marking the bloodiest day in the Lebanese country since the 2006 war.
This Monday (23), the most liquid contracts of the Brent oila reference for the international market, for December, ended the session with a drop of 0.65%, at US$ 73.21 per barrel, on the Intercontinental Exchange (ICE), in London.
The contracts of the West Texas Intermediate oil (WTI) for November fell 0.89%, to US$ 70.37 a barrel, on the New York Mercantile Exchange (Nymex), in the United States.
What moved oil today?
The market followed another day of escalating tension in the Middle East conflicts.
Israel struck hundreds of Hezbollah targets in airstrikes that Lebanese health authorities said killed at least 356 people on Monday (23) — Lebanon's deadliest day in nearly a year of conflict with the Iran-backed enemy.
After nearly a year of war with Hamas in Gaza on its southern border, Israel is shifting its focus to its northern border, from where Hezbollah has been firing rockets into Israel in support of its ally Hamas.
Israeli army spokesman Avichay Adraee said on the social media platform X that more than 300 Hezbollah targets had been hit so far, after warning that air strikes were imminent on houses in Lebanon where “Hezbollah was hiding weapons”.
Oil market analysts have warned for months that a war between Israel and Hezbollah, which has so far been exchanging rocket fire, could force Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), to intervene directly, increasing the risk of disruptions to crude supplies in the Middle East.
*With information from Reuters