9 October 2024: 16:30 BST
Fears of a world conflagration rattle people like us as Israel seems to be inching towards a fateful decision. Netanyahu had a call with Biden and Kamala over the next steps, as we would say in business, after preventing his own defence minister from going to the US for the meeting. Prices bottomed out at around 15:20 BST at slightly over $75.00/bbl. And then the market turned bull. Here came out the guys ready to pounce back on the short and make some money, money, money. This afternoon, prices peaked at nearly $77.00/bbl, which in the big scheme of things is not too much. But this didn’t stop a trader from having gold glitter in his eyes, ‘It is going to $80/bbl,’ he said exuding confidence. War or peace and market forces will decide. If we use or abuse logic, we could say Israel has the plans and equipment to bomb and is waiting for the US green light. So, if they got it, tonight is the night for fireworks. Oh dear. And if they don’t, some de-escalation will start to happen. This is all our internal speculation, but we want to share it.
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