Brent rose 1.1% to $91.65 a barrel, while WTI rose 0.95% to $87.41.
The prices of Petroleum rose again, while the markets monitored a possible direct military conflict between Israel and Iran which could further restrict supplies, amid international geopolitical tensions.
The crude Brent rose $1, or 1.1%, to reach $91.65 a barrel, while the West Texas Intermediate (WTI) was quoted at $87.41 a barrel, up 81 cents, or 0.95%, despite possible production cuts.
In this way, both references have recorded gains of more than 4% this week after Iran, the third largest producer of the OPEC, promised to take revenge on Israel for an attack in which high-ranking Iranian soldiers were killed.
“If Iran attacks Israel directly, that has never happened before,” said Phil Flynn, an analyst at Price Futures Group, and noted: “It’s just another domino of geopolitical risk about to fall.”
Israel has not claimed responsibility for the attack on the complex Iranian embassy in Syria on Monday. The continued attacks by Ukrainian drones against refineries in Russia They may have disrupted more than 15% of Russian capacity, a NATO official said Thursday, hitting the country’s fuel production.
Geopolitical tensions threaten demand
The Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, this week kept their oil supply policy unchanged and pressured some countries to increase compliance with production cuts.
The increase of 303,000 jobs last month points to a likely robustness in oil demand, but could delay the company’s planned interest rate cuts. United States Federal Reserve (Fed) at the end of this year.
Global demand for Petroleum grow by 1.4 million barrels per day (bpd) in the first quarter, JPMorgan analysts wrote in a note.
“Our high-frequency demand indicators estimate that total oil consumption in March averaged 101.2 million bpd, 100,000 bpd above our published estimates,” they noted.
Source: Ambito
