London, Oct 2, 2024 (AFP) - Why oil price yet to ignite on Middle East escalation?

NAMPA / AFP

2024-10-02

Despite growing tensions in the Middle East, oil prices are yet to inflame skyward, with Tehran and Washington holding back from full-scale war and owing to abundant supplies, analysts said. Benchmark oil contract, Brent North Sea crude, has rallied about five dollars this week after Iran's missile attack on Israel -- but remaining around $75 per barrel. This compares with more than $90 at the start of the Israel-Gaza war almost one year ago. "......

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