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By IslamOnline Staff CAIRO (IslamOnline) - Oil prices have reportedly risen due to tensions in the Middle East, cold weather in Western countries, and threats from the world's largest oil producers, mostly Muslim countries, stating that Israeli military threats against Syria and Lebanon would bear consequences, news services reported Tuesday. Brent crude for November delivery rose $0.61 cents to $31.37 Tuesday morning on London's International Petroleum Exchange. Benchmark New York Mercantile Exchange (NYMEX) November crude futures rose as high as $32.33 a barrel in Asia, the third straight gain. Prices are up 53% from a year ago. Saudi Arabia, the world's largest oil producer, and a key Muslim country, said it would "react appropriately" if Israeli Prime Minister Ehud Barak made good on threats to attack neighboring Lebanon and Syria. Saudi Crown Prince Abdullah was quoted as warning Barak to think before taking any steps. "Barak has to think before taking any step... and nobody should think that the Kingdom of Saudi Arabia and the whole Arab and Islamic nation would just watch with their hands tied," Prince Abudllah said Tuesday. Barak's threats against Lebanon and Syria came after Hezbollah fighters captured three Israeli soldiers on patrol on Saturday on the Israeli-Lebanese border. Barak then threatened Lebanon and Syria, the main power broker in Lebanon and principal backer of the Shiite Hezbollah party, of retaliatory military action. The pan-Arab London based daily, al-Hayat, reported that the Arab kingdom has said it would take a tough line in support of the Palestinians during an upcoming meeting for 22 Arab heads of state in Cairo later this month. The report said more troubles in the Middle East could endanger Middle Easter oil supplies. A tense atmosphere between Israel and its northern neighbors resurfaced Tuesday amid renewed clashes between Palestinian protesters and Israeli troops. More than 110 people have died in 13 days of violence, with hundreds of others injured. In October 1973, Saudi Arabia and other Arab states imposed an embargo on oil exports to the U.S. in response to American backing of Israel during the Arab-Israeli War, causing oil prices to more than double. Heating oil prices have also been affected due to a cold wave that hit the United States and coincided with a 35% heating oil shortage compared to a year ago. Temperatures were reportedly 15-20 degrees lower in northeastern U.S. areas, traditionally the main areas for heating oil consumption. |
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