October 16, Brent crude oil slightly down 0.31%, currently trading at 90.Near $62 / bbl, WTI crude up 0.06%, currently trading at 87.Near $59 / barrel。

Israeli PM vows to 'destroy Hamas "

On the news front, the Israeli-Palestinian conflict remains a key driver of oil price volatility。

While neither Israel nor Palestine are the world's major oil producers, historical experience has shown that geopolitical events in the Middle East tend to spur energy prices.。It is understood that the Middle East accounts for more than one-third of the global crude oil seaborne trade and is the throat of the international crude oil market.。Therefore, the market is highly concerned about the dynamics of the countries of the Middle East in this conflict.。

Affected by political events, international oil prices rose sharply on Friday, with WTI crude oil up 5 percent last week..92%, Brent crude rose 7% last week..46%。It's worth noting that crude prices surged in a short period of time after news of last Monday's Hamas raid on Israel, but futures gave back gains in the following sessions as traders saw no immediate risk to Middle East crude supplies.。Trading platforms show that there are already traders making bearish bets ahead of geopolitical events。

In addition, after Hamas attacked Israel last week, the latter has massed troops along the border, launching a ground offensive in Gaza.。In it, the IDF said it was "prepared to implement a broad offensive action plan" that would include an "integrated and coordinated air, sea and land attack" against Hamas in Gaza.。Israeli Prime Minister Benjamin Netanyahu has vowed to "destroy Hamas."。

Iran's position on crude oil is crucial

Before Israel launched its ground offensive, some 1.1 million Palestinians were given only 24 hours' notice to withdraw from northern Gaza - a notice that was met with the responsibility of many humanitarian agencies because it was too difficult to move so many civilians in a short period of time, and these ordinary people who did not move within the stipulated time would be at risk of war.。

In response, Iran, which supports the Palestinian Hamas group, said there would be "far-reaching consequences" if it did not stop Israel.。

On the Palestinian-Israeli issue, Iran's position is crucial to oil prices, and if Iran is directly involved in this conflict, the consequences will be unimaginable.。As a major oil producer in the Middle East, Iran may respond to any direct provocation by blocking the Strait of Hormuz - a move that could be the trigger for an oil crisis that could lead to a sharp rise in oil prices.。

According to the news, traders have already begun to price crude oil prices after Iran's war, and the news also said that last Friday's rise in crude oil prices reflected the cancellation of bearish bets by investors before the weekend.。

Ed Moya, senior market analyst at Oanda, said: "Crude prices are rising as the already tight oil market now has to deal with more geopolitical instability.。"Energy traders seem convinced that we will see some conflict-related supply disruptions in the near future."。"

At present, the Palestinians and Israelis have agreed to a five-hour ceasefire starting at 9 a.m. local time on the 16th in order to allow foreigners to evacuate from the Rafah crossing and allow foreign aid supplies to enter Gaza.。Israel says half a million residents have left northern Gaza for the south to prepare for the next phase of the war。The Palestinian Health Ministry said Israeli airstrikes had killed more than 2,600 people in the past week.。