News

Latest Oil Market News and Analysis for Oct. 30 - Bloomberg

Bloomberg · last updated

Latest Oil Market News and Analysis for Oct. 30 - Bloomberg

Oil Drops After Israel’s Gaza Ground Offensive Starts Cautiously

- Invasion of strip begins slowly, with a day-by-day approach
- Global benchmark Brent falls by around 1% in Asian trading

Israeli Merkava tanks taking up positions in the north of the Gaza Strip on Oct. 29. Photographer: Jack Guez/AFP/Getty Images

Oil fell after Israel committed forces to Gaza with a more cautious approach than initially vowed, bolstering speculation the fighting may remain contained despite rhetoric from Iran.

Global benchmark Brent dropped below $90 a barrel, after rising by almost 3% on Friday as Israel stepped up operations, while West Texas Intermediate fell toward $84. While Israel has sent troops and tanks into the northern Gaza Strip in retaliation to the Oct. 7 attack, it’s taking a day-by-day approach instead of a massive invasion.

Have a confidential tip for our reporters? Get in Touch

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE

Up Next

Oil Drops After Israel’s Gaza Ground Offensive Starts Cautiously

View full article

here today, more tomorrow

We’ve launched briefing.center with a focus on the press and media.

And we’ve added Citizen Cartwright, a daily quick-read news summary by veteran Washington journalist Linda Cartwright. We’ve also created a new voting rights knowledge center for Citizen Cartwright subscribers. (You can sign up for a dedicated morning email at citizencartwright.com.)

You can sign up here for full access to press and media and Citizen Cartwright on briefing.center.

You can use briefing.center as the center of your information management, or just one of your tools. We’re happy to discuss your information needs.

Sign up