Brent surpasses $91/bbl for the first time in 2024

Brent futures crossed $91/bbl for the first time since October in the wake of intensifying geopolitical tensions.

PHOTO: Getty Images

The front-month ICE Brent contract surged this morning after new developments in the Middle Eastern conflict boosted supply concerns.

On Tuesday, seven staff members of US-based non-profit World Central Kitchen lost their lives in an airstrike in Gaza. This news has sparked concerns about the broader geopolitical ramifications of the incident.

US President Joe Biden has condemned the incident, saying, “I am outraged… by the deaths of seven humanitarian workers from World Central Kitchen, including one American.”

Earlier this week, three Iranian military officials lost their lives in an airstrike on the Iranian embassy in Syria. Iran “vowed revenge” on Israel for the airstrike and rattled the oil market with supply concerns, shortly after.

“Brent crude surged past $90 a barrel as the Middle East powder keg threatened to ignite,” remarked SPI Asset Management’s managing partner Stephen Innes.

By Aparupa Mazumder 

Please get in touch with comments or additional info to news@engine.online