09.09.202513:52:05UTC+00Oil Rises on Israel Strike in Qatar

On Tuesday, West Texas Intermediate (WTI) crude oil futures saw an increase of over 1%, pushing prices above $63 per barrel, following a 0.6% gain the previous day. This uptick came after reports of explosions in Doha, Qatar, where Israel alleged it had targeted senior Hamas figures. Eyewitnesses in the Katara district reported smoke rising, causing alarm in Qatar, a prominent mediator in the Israel-Hamas conflict and host to Hamas officials. This geopolitical disturbance contributed to the existing factors pushing oil prices upward. The market was already buoyed by OPEC+’s decision to implement a smaller-than-anticipated production boost of just 137,000 barrels per day for October, in contrast to significantly larger increments in recent months. Additionally, market analysts anticipate China will persist in its oil stockpiling activities, further restricting supply. Concerns over potential new sanctions from Western countries on Russia have escalated following Russia's most extensive aerial onslaught on Ukraine in months. U.S. President Donald Trump indicated a willingness to impose more stringent measures, while the European Union considered aligning with Washington on joint sanctions.