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Oil Extends Gains After Settlement on Reports Iran Preparing Israel Attack
Published by Jessica Weisman-Pitts
Posted on October 31, 2024
2 min readLast updated: January 29, 2026
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By Georgina McCartney
HOUSTON (Reuters) -Oil prices extended gains after settlement on Thursday, rising by more than $1 on a report that Iran is preparing to attack Israel from Iraqi territory in the coming days.
WTI crude oil futures jumped $1.81 to $70.42 at 3:00 p.m. EDT, after settlement and Brent futures for January delivery jumped by $1.82 to $73.98.
Brent crude futures settled up 61 cents, or 0.84%, to $73.16 a barrel. Brent futures for December delivery expired on Thursday. The more actively traded January contract settled at $72.81. WTI futures settled up 65 cents, or 0.95%, at $69.26.
Israeli intelligence suggests Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the U.S. presidential election on Nov. 5, Axios reported on Thursday, citing two unidentified Israeli sources.
The attack is expected to be carried out from Iraq using a large number of drones and ballistic missiles, the Axios report added. The report said that carrying out the attack through pro-Iran militias in Iraq could be an attempt by Tehran to avoid another Israeli attack against strategic targets in Iran.
The week began with a large selloff with Brent and WTI futures falling more than 6% on Monday after Israel showed some restraint in its retaliatory attacks on Iran over the weekend.
The possibility that OPEC+ would delay a planned oil output increase also supported prices on Thursday.
A decision could come as early as next week, Reuters reported. OPEC+ is scheduled to meet on Dec. 1 to decide its next policy steps.
In China, the world’s biggest oil importer, manufacturing activity expanded in October for the first time in six months, suggesting stimulus measures are having an effect.
Several international events have converged at the turn of the month that could see oil markets in for a bumpy ride in early November,” said Rystad Energy’s Sahdev, citing the U.S. election, a continually weak Chinese demand outlook, OPEC+ uncertainty and the war in the Middle East.
(Reporting by Georgina McCartney in Houston, Paul Carsten in London, Yuka Obayashi in Tokyo and Colleen Howe in Beijing; Editing by David Goodman, Elaine Hardcastle, Leslie Adler and Jane Merrimann)
Frequently Asked Questions about Oil extends gains after settlement on reports Iran preparing Israel attack
1What is WTI crude oil?
WTI crude oil, or West Texas Intermediate, is a grade of crude oil used as a benchmark in oil pricing. It is known for its high quality and low sulfur content, making it desirable for refining into gasoline and other products.
2What is Brent crude oil?
Brent crude oil is a major trading classification of crude oil originating from the North Sea. It serves as a global benchmark for oil prices and is used to price two-thirds of the world's internationally traded crude oil supplies.
3What is OPEC?
OPEC, or the Organization of the Petroleum Exporting Countries, is a group of oil-producing nations that coordinates and unifies petroleum policies among its member countries to ensure the stabilization of oil markets.
4What are oil futures?
Oil futures are contracts to buy or sell a specific amount of oil at a predetermined price on a specified future date. They are used by traders to hedge against price fluctuations in the oil market.
