Brent crude prices rose above $90 for the first time since October 2023, as geopolitical tensions and production cuts overtook the U.S. Federal Reserve's cautious rate cuts. This is reported by Reuters.
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Brent futures rose 1.5% to $90.65 per barrel. Futures for American WTI oil rose by 1.4% to $86.60 per barrel.
It is noted that both contracts closed on Thursday at their highest levels since October and continued to rise after the end of the session. The rise in oil prices in recent days was due to increased geopolitical tensions and potential supply risks.
Prices rose on Thursday following media reports that Israeli embassies around the world had been placed on high alert from -for the growing threats of an Iranian attack on Israeli diplomats.
Iran, OPEC's third-largest oil producer, has vowed to take revenge on Israel for Monday's attack that killed senior Iranian military officials. Israel has not taken responsibility for the attack on the Iranian embassy in Syria.
In a dramatic change of tone, Washington on April 4 issued its strongest public rebuke of Israel since the start of the war against Hamas, warning that US policy toward Gaza will be determined by whether Israel takes steps to ensure the safety of Palestinian civilians and aid workers.
At the same time, the United States imposed new Iran-related anti-terrorism sanctions against Oceanlink Maritime DMCC and its vessels, citing its role in delivering goods on behalf of the Iranian military.
The United States is using financial sanctions to isolate Iran to prevent it from funding its proxy groups and prevent the country from supporting Russia's war against the Ukrainians, the Treasury Department said.
Oil prices also began to rise after US Secretary of State Antony Blinken said Ukraine will eventually join NATO as support for the country remains strong among member states.
The recent rise in oil prices also occurred following Ukrainian attacks on Russian oil refineries factories that have cut fuel supplies, as well as news that Mexico's state energy company Pemex has asked its trading unit to cancel up to 436,000 barrels a day of crude oil exports this month as it prepares to refine local oil at new prices.
