Oil Rises as Middle East Tensions Mount
Oil prices rose again Friday and were on track for the first weekly gains this month, as rising tensions in the Middle East stoked fears of supply disruptions.
Brent crude futures were at $73 a barrel, up 38 cents, or 0.5%, from their last close, rising for a fourth straight session. Brent was up 3.4% for the week, on track for its first gain in three weeks, CNBC reported.
US West Texas Intermediate crude futures were at $63.32 per barrel, up 46 cents, or 0.7%. WTI was also up for a fourth day and was headed for a weekly gain of 2.7%, the first rise in four weeks.
A Saudi-led military coalition in Yemen carried out several air strikes on the Houthi-held capital Sanaa Thursday after the movement claimed responsibility for drone attacks on two Saudi oil pumping stations earlier in the week.
Earlier this week, US President Donald Trump ordered the deployment of an aircraft carrier group, B-52 bombers and Patriot missiles to the Middle East.
“There are lots of supply risks with tensions this high,” Stephen Innes, head of trading and market strategy at SPI Asset Management, said.
Still, Trump has told his top advisers he does not want to get the United States involved in a war with Iran, three US officials said on Thursday.
The market is also awaiting a decision from the Organization of the Petroleum Exporting Countries and other producers over whether to continue with supply cuts that have boosted prices more than 30% so far this year.
source: Financial Tribune
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