2024-04-06 13:18:31
Brent crude and US West Texas Intermediate rose more than a dollar per barrel in its last session, with markets awaiting any signs of a direct conflict between Israel and Iran that might deepen the scarcity of supplies.
Brent crude rose 52 cents, or 0.57 percent, to $91.17 a barrel at settlement. US West Texas Intermediate crude also increased 32 cents, or 0.37 percent, to $86.91 per barrel. The two benchmarks reached their highest levels since October at settlement last Thursday.
The two benchmarks ended the week’s trading with gains exceeding 4 percent, continuing to rise for the second week in a row following Iran, the third-largest producer in OPEC, vowed revenge on Israel following an attack that resulted in the killing of a number of senior Iranian military personnel.
The data shows that Brent crude rose by 4.79 percent last week, and US West Texas Intermediate crude rose by 4.5 percent.
A NATO official had previously stated that the ongoing Ukrainian drone attacks on refineries in Russia may have disrupted more than 15 percent of Russian production capacity, harming fuel production in the country.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, within the framework of what is known as the OPEC+ alliance, kept the oil supply policy unchanged and pressured some countries to increase commitment to production cuts.
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