{"id":31003,"date":"2023-10-17T20:51:39","date_gmt":"2023-10-17T20:51:39","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/brent-oil-ends-higher-as-investors-monitor-israel-hamas-war-talks-on-venezuela-sanctions\/"},"modified":"2023-10-17T20:51:40","modified_gmt":"2023-10-17T20:51:40","slug":"brent-oil-ends-higher-as-investors-monitor-israel-hamas-war-talks-on-venezuela-sanctions","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=31003","title":{"rendered":"Brent oil ends higher as investors monitor Israel-Hamas war, talks on Venezuela sanctions"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002621835\" role=\"document\">\n<p>Oil futures finished Tuesday on a mixed note, with U.S. prices unchanged for the session and global benchmark crude settling with a modest gain, after posting losses in the previous session on renewed talks that could ease U.S. sanctions on crude exports by Venezuela. <\/p>\n<p>Traders continued to watch on developments in the Israel-Gaza war that would deepen risks to the oil industry in the Middle East region. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.90%<\/bg-quote><br \/>\n       for November delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.90%<\/bg-quote><\/p>\n<p>        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"positive\">+0.90%<\/bg-quote><br \/>\n       settled flat at $86.66 a barrel on the New York Mercantile Exchange after losing 1.2% on Monday. <\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.80%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"positive\">+0.80%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained 25 cents, or 0.3%, to $89.90 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"positive\">+0.93%<\/bg-quote><br \/>\n       added 0.5% to $2.28 a gallon, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"positive\">+0.62%<\/bg-quote><br \/>\n       rose 0.9% to $3.18 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for November delivery<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"negative\">-1.25%<\/bg-quote><br \/>\n       settled at $3.08 per million British thermal units, down 1%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cUncertainty still lingers over a potential spillover of the conflict in Israel in a way that could involve major oil producers in the region, in a dynamic that continues to create upside risk for prices,\u201d said Ricardo Evangelista, senior analyst at ActivTrades, in market commentary.\u00a0<\/p>\n<p>Crude prices surged last week on fears the Israel-Hamas war could spill over to involve Iran, potentially leading the U.S. to increase enforcement of sanctions that would curb exports and further tighten global supplies.<\/p>\n<p>If Iran enters the conflict, that could put its 3 million barrels of daily oil production at risk, said Jay Hatfield, chief executive officer at Infrastructure Capital Management. <\/p>\n<p>The Middle East war has also led to an overall rise in oil prices because it put the potential for an Israel\/Saudi peace agreement on hold, a  deal that may have led the Saudis to raise oil output by 1 million barrels per day, he told MarketWatch. <\/p>\n<p>Oil prices pulled back Monday as investors monitored diplomatic efforts aimed at containing the conflict, while the prospect of more supply from Venezuela put added pressure on crude.<\/p>\n<p>The Biden administration and the government of Venezuelan President Nicol\u00e1s Maduro have agreed to a deal under which the U.S. would ease sanctions on Venezuela\u2019s oil industry.  Venezuela, in return, would conduct a competitive, internationally monitored presidential election next year, the report said. The report said the deal was expected to be signed Tuesday in Barbados.<\/p>\n<p>The U.S. State Department later Monday said that it welcomed an announcement by Maduro representatives and others to resume Venezuelan-led talks in Barbados.<\/p>\n<p>An agreement that eases sanctions would \u201cprovide some relief from the supply-side concerns that lately have dominated the mindset of oil traders,\u201d said Evangelista.<\/p>\n<p><strong>See: <\/strong>Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions<\/p>\n<p>Meanwhile, a rush of diplomacy by global leaders to head off a wider conflict in the Middle East appeared to be soothing investor nerves for now, Raffi Boyadjian, lead investment analyst at XM, said in a note.<\/p>\n<p>President Biden is set to visit Israel Wednesday, while Secretary of State Antony Blinken made a second visit in as many days on Monday, \u201cunderscoring the intense diplomatic efforts to contain the conflict and prevent a humanitarian catastrophe in Gaza,\u201d Boyadjian wrote.<\/p>\n<p><strong>Read:<\/strong> 70% chance Israel-Hamas war spreads beyond Gaza, threatening oil, strategist warns<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-steady-as-investors-monitor-israel-hamas-war-talks-on-venezuela-sanctions-212c4c14?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished Tuesday on a mixed note, with U.S. prices unchanged for the session and global benchmark crude settling with a modest gain, after posting losses in the previous session on renewed talks that could ease U.S. sanctions on crude exports by Venezuela. Traders continued to watch on developments in the Israel-Gaza war that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-31003","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brent oil ends higher as investors monitor Israel-Hamas war, talks on Venezuela sanctions | Prosfunds<\/title>\n<meta name=\"description\" content=\"Oil futures finished Tuesday on a mixed note, with U.S. prices unchanged for the session and global benchmark crude settling with a modest gain, after\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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