Markets had discounted the bad news with select pockets seeing a dip of over 15 per cent, which have recovered partially now, Arora of Helios Capital said.
A broader escalation-including the potential closure of the Red Sea chokepoint by Yemen's Houthis-would likely push both Brent and WTI to new cycle highs
During the October 1973 Yom Kippur War, Arab OPEC members, led by Saudi Arabia, implemented an oil embargo against the US and other nations that supported Israel that led to oil rising 300 per cent.
Crude oil price today: Sharekhan remains confident of oil prices heading lower towards $65 in Q1-2025, while in short term, prices could see WTI prices trading in broader range of $75-$66
Brent crude oil prices saw a considerable decline from the beginning of Samvat 2080 (November 12) until October 28, dropping by 12.33 per cent from $82.52 to $72.34 per barre
A deterioration in the geopolitical situation is the biggest risk to global equity markets, Wood said, which he believes is not yet fully discounted by them
Saudi Arabia and Russia have announced a fresh extension to their voluntary supply cuts, amounting to a combined 1.3 million barrel per day (bpd) cut for another three months till December
The unprecedented move by one set of countries to try to impose a price at which another can sell a commodity has drawn confusion among traders, and - from Moscow - a threat of retaliation
Brent crude oil prices have slipped nearly 15 per cent in the last few weeks, from a peak of around $98 a barrel to a little over $83 a barrel now despite OPEC+ cutting supply
India has been very good at managing its finances but the surge in global energy prices is going to have a negative impact on its economy, said IMF MD Kristalina Georgieva
