Oil Prices Rise For Third Consecutive Week
Date
6/28/2024 10:29:12 AM
(MENAFN- Yolo Wire) %CrudeOil prices are rising and on track to post a third consecutive week of gains following a decline in U.S. inflation and as the Middle East war between Israel and Hezbollah intensifies.
West Texas Intermediate (WTI) crude oil is trading at $82.11 U.S. per barrel, its highest level since April 30 of this year.
Brent crude oil, the international standard, is currently at $86.72 U.S. a barrel, its highest level in two months.
As June draws to a close, U.S. oil is up nearly 7% for the month.
Oil prices are rising as a key measure of inflation in the U.S. showed that consumers prices in the world's biggest economy rose at an annualized rate of 2.6% in May, the slowest pace of growth in three years.
At the same time, growing conflict between Israel and Hezbollah is raising fears of a direct confrontation with %OPEC member Iran that could disrupt crude oil supplies globally.
Analysts say a widening Middle East conflict could see Hezbollah target Israel's offshore oil and gas operations, while Israel could target Iranian oil facilities.
There is also a risk that Iran could attack oil tankers in the straight of Hormuz and abandon a peace pact with Saudi Arabia and hit the Kingdom's oil facilities, warn energy analysts.
Some traders are now forecasting that crude oil prices will top $90 U.S. a barrel this summer.
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