Oil prices They rose this Friday around 3% to a one-week highgiven the concern that the Tensions in Israel and Gaza could spread and disrupt global crude oil supplies.
The futures of Brent oil By December they ended the session with a rise of 2.55, or 2.9%, to $90.48 the barrel, while the futures of the West Texas Intermediate in the United States (WTI) for December advanced $2.33, or 2.8%, to $85.54.
Brent’s premium over WTI was on track to reach its highest level since Julymaking it more attractive for energy companies to send ships to the United States to pick up crude oil for export.
During the week, Brent fell by approximately 2% and WTI fell by approximately 3%.
The day was volatile. Earlier in the session, oil prices soared more than $2 per barrel after the US army attacked Iranian targets in Syria.
Prices briefly turned negative as markets digested several reports of mediation talks with the militant group Hamas and Israel led by Qatar, in coordination with the United States.
“We are at the mercy of the next incumbent… and I think that is what we have been seeing today with the price swings”said Phil Flynn, analyst at Price Futures Group.
“You’d like to trade fundamentals, but you really can’t because you have to be more concerned about…what’s going to happen in the Middle East,” Flynn said. “Nobody wants to come up short on the weekend.”
A Hamas official conditioned the release of hostages in Gaza on a ceasefire in the Israeli bombardment of the Palestinian enclave, launched after a deadly attack by Palestinian militants in southern Israel nearly three weeks ago.
The United States and Arab countries have urged Israel to delay a ground invasion that would multiply civilian casualties and could trigger a more serious conflict.
Source: Ambito
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