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Oil prices increase, recording most substantial weekly gain in month
(MENAFN) Oil prices saw an increase on Friday and recorded their most substantial weekly gain in a month, driven by concerns over supply disruptions due to the Israel-Gaza conflict, which helped offset a significant buildup of crude oil stocks in the United States.
Brent, serving as the benchmark for a significant portion of the world's oil, concluded the week with a 5.69 percent increase, reaching USD90.89 per barrel on Friday.
West Texas Intermediate (WTI), the indicator for US crude, exhibited a similar upward trend, closing with a 5.77 percent gain at USD87.69 per barrel.
The previous day, Brent had settled with a slight increase of 0.21 percent, reaching USD86 per barrel. Meanwhile, WTI had seen a marginal decrease of 0.69 percent, closing at USD82.91 per barrel.
“Crude prices are surging as the oil market will remain very tight given escalating geopolitical risks could threaten supplies and after banks continue to describe the US economy as resilient,” as stated by Edward Moya, Oanda’s senior market analyst.
Oil prices surged by over 5 percent on Monday, driven by concerns among traders that the military clashes between Israel and Hamas could escalate into a wider conflict, potentially causing disruptions to crude oil supplies in the Middle East.
On Friday, Israel issued an order for 1.1 million residents of northern Gaza to evacuate their homes within 24 hours, signaling a potential intensification of its offensive against Gaza.
The ongoing conflict, which began when Hamas initiated its attack on Saturday, has tragically resulted in the loss of over 2,800 lives.
Iran's Foreign Minister has issued a warning that the Gaza war could extend throughout the region if Israel does not halt its assault on the Palestinian enclave.
Lebanon's armed group and political party, Hezbollah, a key ally of Iran in Lebanon, has been involved in several violent clashes with Israel during the week, raising concerns about the potential for a second front to emerge in the region.
“While there remains incomplete information at this early stage into the conflict, there has been no impact to current global oil production,” stated Ehsan Khoman, chief of ESG, commodities, as well as emerging markets research at MUFG.
Brent, serving as the benchmark for a significant portion of the world's oil, concluded the week with a 5.69 percent increase, reaching USD90.89 per barrel on Friday.
West Texas Intermediate (WTI), the indicator for US crude, exhibited a similar upward trend, closing with a 5.77 percent gain at USD87.69 per barrel.
The previous day, Brent had settled with a slight increase of 0.21 percent, reaching USD86 per barrel. Meanwhile, WTI had seen a marginal decrease of 0.69 percent, closing at USD82.91 per barrel.
“Crude prices are surging as the oil market will remain very tight given escalating geopolitical risks could threaten supplies and after banks continue to describe the US economy as resilient,” as stated by Edward Moya, Oanda’s senior market analyst.
Oil prices surged by over 5 percent on Monday, driven by concerns among traders that the military clashes between Israel and Hamas could escalate into a wider conflict, potentially causing disruptions to crude oil supplies in the Middle East.
On Friday, Israel issued an order for 1.1 million residents of northern Gaza to evacuate their homes within 24 hours, signaling a potential intensification of its offensive against Gaza.
The ongoing conflict, which began when Hamas initiated its attack on Saturday, has tragically resulted in the loss of over 2,800 lives.
Iran's Foreign Minister has issued a warning that the Gaza war could extend throughout the region if Israel does not halt its assault on the Palestinian enclave.
Lebanon's armed group and political party, Hezbollah, a key ally of Iran in Lebanon, has been involved in several violent clashes with Israel during the week, raising concerns about the potential for a second front to emerge in the region.
“While there remains incomplete information at this early stage into the conflict, there has been no impact to current global oil production,” stated Ehsan Khoman, chief of ESG, commodities, as well as emerging markets research at MUFG.
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