Price movements
On a weekly basis, crude oil rose Brent By more than eight percent, which is the highest weekly gain since January 2023, West Texas Intermediate crude also increased 9.1 percent, which is the highest level since March 2023.
During Friday trading, Brent crude futures increased 43 cents, or 0.6 percent, to $78.05 per barrel upon settlement, and US West Texas Intermediate crude futures rose 67 cents, or 0.9 percent, to $74.38 per barrel.
Israel pledged to respond Tehran After an Iranian missile attack on Israel Tuesday.
Oil prices jumped by about two percent during the session, but fell sharply after Biden said that if he were in Israel’s place, he would consider alternatives other than striking Iranian oil fields.
Brokerage firm StoneX expects oil prices to jump between three to five dollars per barrel if the oil infrastructure in the country is targeted. Iran.
The Iranian Students News Agency (SNN) quoted Ali Fadavi, Deputy Commander of the Revolutionary Guards, as saying that Iran will target Israeli energy and gas facilities if Israel launches an attack on the Islamic Republic.
Iran is a member of the coalition OPEC+ Its production amounts to Oil 3.2 million barrels per day, or the equivalent of three percent of global production.
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.
