Price movements
Crude futures jumped Brent By $1.09, or 1.4 percent, to $78.71 per barrel by 11:20 GMT, and US West Texas crude futures also jumped by $1.08, or 1.5 percent, to $74.79 per barrel.
Analyst Ashley Quilty, of Panmure Gordon, said: “Saved Iran She lost her face with her missile attack on Israel On Tuesday, “but fears are growing that Israel may target Iranian oil infrastructure as part of its response, which could lead to reciprocal responses and drag neighboring countries into the conflict.”
President Joe Biden said yesterday, Thursday US It is considering whether to support Israeli strikes on Iranian oil facilities in response to the missile attack launched by Tehran on Israel, at a time when the Israeli army continued to bomb Beirut in continuation of its conflict with the Lebanese Hezbollah group.
But Biden said later on Thursday that he would not speak publicly about the discussions when asked if he had urged Israel not to attack Iranian oil facilities.
Biden’s comments contributed to a five percent rise in oil prices, at a time when Israel is considering its options for response after Iran launched its largest attacks on Israel on Tuesday.
But the availability of spare production capacity in the Organization of the Petroleum Exporting Countries (OPEC) and the fact that global crude supplies have not been affected so far by the turmoil in the Middle East have reduced the impact of supply concerns that pushed prices up earlier this week.
The eastern-based Libyan government and the Tripoli-based National Oil Corporation announced yesterday, Thursday, the reopening of all oil fields and export ports after resolving the dispute over the presidency of the Central Bank, ending a crisis that led to a severe reduction in oil production.
This allows the country to increase its production levels back to about 1.2 million barrels per day.
