Weekly Oil Report: Lebanon Bloodbath Brings More Choas to the Middle East

Hectic events in the Middle East kept commodities turbulent. Watch crude oil technical analysis:

On Friday, Brent closed at $71.95 and WTI closed at $68.57. Gold also had a new record by closing above $2600 per ounce. 
Brent had a price gap but considering the regional tensions, it can move upward again. Technically, the gap should be covered along the yellow support as it was passed quickly. 

Hezbollah leader Hassan Nasrallah was killed by Israel in the southern suburbs of Beirut on Friday. Protests are taking place in Iran and Yemen against Israel’s action. The region will surely enter a new phase of tensions in the coming days. 

Ukraine war and its players continue the chaos. Zelensky told the UN Security Council that Russia could only be forced into peace. He also had meetings with US presidential candidates discussing the fate of war. 

Due to current tensions in the Middle East and expectations for a jump in crude oil, bitumen traders also expect an increase in prices. In East Asia, bitumen market had some increases. In Europe, the trend become more stable. In Africa, bitumen prices are also increasing due to rising freight costs. India, which was expected to apply a decrease, will probably go in opposite. 

Feel free to contact me for any bitumen inquiries. You can also check an estimate of price for your required destination port on Bitumen Price Today.

By Mahnaz Golmohammadian, the international sales expert of Infinity Galaxy (www.infinitygalaxy.org).