Oil prices continue to rise.

Commodity market today, October 4th: Oil prices continue to surge, corn prices halt a four-day winning streak. Commodity market today, October 4th: Iron ore prices reach a new high, cocoa prices plummet.

Investors paid particular attention to the crude oil market, which saw five consecutive days of gains and was the main driver of the overall positive trend. Meanwhile, in the industrial raw materials market, prices of many commodities suddenly plummeted, especially coffee. At closing, the MXV-Index rose 0.32% to 2,259 points.

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MXV-Index

World oil prices surged amid concerns about supply disruptions.

On Monday's trading day (October 7th), the market witnessed a sharp rise in world oil prices amid concerns about escalating conflict in the Middle East and potential disruptions to US exports and production. At the close of trading, WTI crude oil rose 3.71% to $77.14 per barrel, while Brent crude oil increased 3.69% to $80.93 per barrel.

Energy price list

Tensions in the Middle East escalated after Hezbollah, an Iranian-backed organization in Lebanon, launched a missile attack on the Israeli city of Haifa. Additionally, a ballistic missile attack from Yemen targeting Tel Aviv was reported. In response, Israel appeared prepared to expand its ground incursions into southern Lebanon. Concerns that the US, a close ally of Israel and a direct adversary of Iran, could be drawn into a larger-scale conflict drove oil prices higher.

Given the situation in the Middle East, Goldman Sachs predicts that Brent crude oil prices could reach $90 per barrel if supply from Iran is affected by 2 million barrels per day, or $85 per barrel if supply decreases by 1 million barrels per day. However, the bank also notes that the conflict may not affect Iranian production and that backup supply from OPEC+ could help cool the market.

On the supply side, production in the Gulf of Mexico, one of the leading crude oil producing regions in the U.S., remains on high alert as Hurricane Milton moves across the area. Tropical Storm Milton, which strengthened over the weekend, is expected to make landfall along the west coast of Florida later this week after passing through parts of the Gulf of Mexico. Energy giant Chevron has shut down its Blind Faith platform in the Gulf of Mexico and evacuated all personnel from the facility in the area.

Amid rising oil prices, Saudi Arabia, the world's largest oil exporter, has increased its official selling prices to Asian markets. Saudi Aramco raised the price of Arab Light crude by $0.90 per barrel for November deliveries, exceeding market forecasts of $0.65 per barrel and bringing the premium over the Dubai/Oman benchmark to $2.20 per barrel.

Prices of some other goods