• 27/05/2024 03:16

Oil prices rise sharply due to tensions in the Middle East

Oil prices rose sharply in Asian trading on Friday as tensions in the Middle East returned to the spotlight after Iranian news agencies reported several explosions in the country, indicating possible strikes by Israel. Investing.com writes about this.

Oil prices have risen sharply due to tensions in the Middle East

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Iranian Fars news agency reported on Friday that explosions were heard in Isfahan in central Iran, southern Syria and parts of Iraq. ABC News reported that US officials said Israel had retaliated against Iran.

Brent futures rose nearly 3% at 21:54 ET (0154 GMT) for June expiration. to $89.74 per barrel, and West Texas Intermediate futures expiring in May fell 3% to $85.16 per barrel.

Both contracts recovered most of their losses during the week, but still completed week with a slightly negative result.

Israel's potential retaliatory measures marked an escalation in the Middle East conflict, and traders rushed to return the risk premium to oil prices, experts say.

minfin.com.ua

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