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Senior Iranian source to Reuters: The number of personnel at the Fordow site had been reduced to a minimum
Senior Iranian source to Reuters: Most of the highly enriched uranium at Fordow was moved to an undisclosed location prior to US attack
Iran's IRGC: The most significant capabilities of the Armed Forces of the Islamic Republic of Iran in this sacred defense have not yet been deployed
Iran's IRGC: In this barrage of missiles, air raid sirens sounded after the missiles made impact, causing the enemy to lose its balance
Iran's IRGC: The deployed missiles are capable of maneuvering while falling and are guided until the moment of impact, and they are equipped with destructive and highly explosive warheads
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Chairman of the Iranian Parliament's Foreign Policy Committee: Tehran has the right to withdraw from the Nuclear Non-Proliferation Treaty based on Article 10
The head of the Atomic Energy Organization of Iran, in a letter to the director of the International Atomic Energy Agency: We demand an investigation into the US aggression

Brent Crude Increases Over $86 Per Barrel

  • By Al Mayadeen
  • Source: Agencies
  • 18 Oct 2021 08:25
3 Min Read

Brent crude oil prices hit their highest level in years on Monday as demand recovers, reaching $86 per barrel, recording a 1% increase.

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  • Brent Crude Increases Over $86 Per Barrel
    Brent touches its highest since Oct 2018.

World oil prices increased 1%, with the price of December for Brent crude adding up to above $86 per barrel in the early hours of Monday, reaching a record high for the first time since 2018.

The price of November futures for WTI crude rose 1.15% on Monday, up to $82.86 per barrel.

American stocks increase

US contracts dipped after American stocks advanced on Friday, with the S&P 500 chalking its best week since July as earnings buoyed sentiment. 

Bond rates in New Zealand and Australia surged as inflation in New Zealand reached its highest level in ten years. Australia's three-year bond yields jumped 18 basis points to their highest level since January. The dollar crept higher as ten-year Treasury yields climbed back toward 1.6%.

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Oil prices increased for the eighth week in a row, with West Texas Intermediate crude surpassing $83 per barrel for the first time since 2014. Brent crude oil was approaching $86 per barrel.
 
Investors are still concerned about inflation as a result of rising energy shortages, which are causing more production cuts and pushing bond yields higher.

Road to recovery

The economic recovery remains patchy while central bankers are moving closer to paring back stimulus. US consumer sentiment fell unexpectedly in early October, but retail sales still increased. 

“We are starting to see some cracks in the transitory narrative that we’ve been hearing for quite some time,” Meera Pandit, global market strategist at J.P. Morgan Asset Management, said on Bloomberg radio. 

She added, “Rates will continue to ground higher from where we are. But I don’t think from a Fed perspective, when you think about the short end of the curve, that they are going to move much earlier than 2023. They are going to be a little bit more patient than the market expects right now.”

Increase after a decrease 

Last Monday, American crude oil rose $1.15 or 1.5% to $80.5 a barrel, the highest level since late 2014, noting that it had already increased 4.6%, while Brent crude rose 81 cents, or 1%, reaching $83.20 a barrel, after rising nearly 4% the week before. 

However, the increase was after a decrease at the beginning of October. Crude oil prices fell during the day trading following a record multi-year high during which prices reached more than $83 a barrel.

The global price benchmark for Brent crude contracts decreased by 1.7% to record an $81.12 a barrel, after having jumped earlier to $83.47, hitting its highest price level since October 2018. 

  • US
  • Brent crude oil
  • Oil prices

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