Oil prices are on track for a second weekly gain as geopolitical risk and supply concerns push Brent beyond the $90 mark.
Crude oil prices were on track to book their second weekly gain in a row, driven higher by geopolitics and supply concerns. Early on Friday morning, Brent was trading above $91 per barrel and West Texas Intermediate was closing in on $87 per barrel. The rally came amid reports that Russia may have temporarily lost as much as 15% of its refining capacity because of Ukrainian drone attacks and Iran vowed to exact revenge on Israel for the strike of its consulate in Damascus.
” The latest from the Middle East is the news that the UAE is growing cold to Israel after several years of normalized relations. The reason for the change in attitude was the Israeli strike that killed seven aid workers in Gaza. Some reports said the Emirates were “outraged” with the event. Demand for oil, meanwhile, remains quite healthy, with the latest U.S. weekly inventory report revealing declines in both gasoline and middle distillate stocks.
WTI Oil Prices Geopolitics Supply Demand Israel Russia Ukraine Gaza
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