Oil prices rose on Wednesday on growing concerns that the Israel-Gaza war could escalate and potentially affect crude supplies from the region.
Brent, the benchmark for two thirds of the world’s oil, was trading 1.37 per cent higher at $91.21 a barrel at 8.37pm UAE time while West Texas Intermediate, the gauge that tracks US crude, was up 1.50 per cent at $87.96 a barrel.
“The fresh spike in oil was after the hospital bombing in Gaza, and as focus turns to China’s gross domestic product and activity data today,” said Charu Chanana, market strategist at Saxo Bank.
The Middle East is facing a new bout of geopolitical uncertainty as the war between Israel and Hamas, which governs the Gaza Strip, continues to rage. More than 4,000 people have been killed in the conflict, which has entered its 12th day.
More than 3,000 have been killed in Gaza alone as the siege of the blockaded enclave continues.
Israeli Prime Minister Benjamin Netanyahu has already spoken of a long war as his troops gather on the Gaza border for a full-fledged ground invasion.
There were protests in the occupied West Bank and around Middle East cities after more than 500 Palestinians were killed in an air strike on a Gaza city hospital on Tuesday.
While Palestinian health workers confirmed it was an Israeli strike, Prime Minister Benjamin Netanyahu's government has denied responsibility.
Meanwhile, US President Joe Biden’s Wednesday meeting in Amman with Arab leaders to discuss the escalating developments conflict has been cancelled, the White House has said.
The summit, which was due to take place in the Jordanian capital after his stop in Israel, was to include Jordan's King Abdullah II, Palestinian President Mahmoud Abbas and Egyptian President Abdel Fattah El Sisi.
Energy traders are unsure how far the conflict will drag on and the impact it could have on crude supplies from the region, home to some of the world’s top oil-exporting nations.
The prices are surging “as energy traders remain in wait-and-see mode to see if the US diplomatic efforts will be successful in preventing the Israel-Hamas conflict from turning into a wider regional war”, said Edward Moya, a senior market analyst at Oanda.
Tension in Gaza will remain a major factor influencing prices in the short term, overshadowing even the potential return of Venezuelan oil to the market, as the situation continues to deteriorate in the Middle East, Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said.
“I am afraid we will see tensions further escalate in Gaza, and that could send oil prices higher by a big chunk,” she said.
Meanwhile, China's economy, the world's second largest, grew faster-than-expected in the third quarter, official data on Wednesday showed.
The country's gross domestic product grew 4.9 per cent year on year in July-September, according to the National Bureau of Statistics.
Analysts polled by Reuters had been expecting an expansion of 4.4 per cent.
The Asian country's post-Covid economic recovery lost momentum in the second quarter mainly due to a deepening property slump and weak consumer spending.
China, the world’s largest crude importer, has announced a string of stimulus measures, including halving the stamp duty on stock transactions and easing mortgage rates.
“Chinese growth beat expectations as it came this close to the 5 per cent mark in the [third quarter], retail sales rose more than expected as unemployment fell,” Ms Ozkardeskaya said.
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
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UAE currency: the story behind the money in your pockets
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
HWJN
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Killing of Qassem Suleimani
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Specs
Engine: 51.5kW electric motor
Range: 400km
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Torque: 175Nm
Price: From Dh98,800
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Killing of Qassem Suleimani
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
