The black gold rose in price following reports that Israeli embassies around the world were put on high alert due to threats of an Iranian attack.
Oil prices continued to rise on fears of increased tensions in the Middle East and for the first time in six months surpassed the psychological level of $90 per barrel. This was confirmed by the trading results on Friday, April 5.
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Thus, the price of June futures for Brent on the London ICE Futures exchange reached $90.91 per barrel, which is $0.26 (0.29%) higher than the closing of the previous trade. On Thursday, these contracts rose $1.3 (1.5%) to $90.65 per barrel.
WTI oil futures for May in electronic trading on the New York Mercantile Exchange (NYMEX) rose $0.09 (0.1%) to $86.68 a barrel. Based on the results of the previous trade, the value of these contracts increased by $1.16 (1.4%) to $86.59 per barrel.
Oil prices rose after reports that Israeli embassies around the world were put on high alert due to threats of Iranian attacks on Israeli diplomats, Reuters reported.
Iran, OPEC’s third-largest producer, has vowed revenge on Israel for the strike that killed senior Iranian military officials. Israel has not claimed responsibility for the attack on the Iranian embassy complex in Syria.
“In a dramatic change of tone, Washington on April 4 issued its strongest public rebuke of Israel since the war against Hamas began, warning that US policy toward Gaza will be determined by whether Israel does measures to ensure the safety of Palestinian civilians and aid workers.” , – said the message.
At the same time, the US imposed new Iran-related anti-terrorism sanctions against Oceanlink Maritime DMCC and its ships, citing its role in shipping goods on behalf of Iran’s military.
Prices also received support after US Secretary of State Antony Blinken said Ukraine would eventually join NATO as support for the country remained strong among member states.
The recent rise in oil prices also comes after Ukrainian attacks on Russian oil refineries reduced fuel supplies.
Also weighing on prices was Mexico’s state-owned energy company Pemex asking its trading unit to cancel up to 436,000 barrels a day of crude exports this month as it prepares to refine domestic crude at new prices.
“All of these geopolitical factors happened at the same time, which drove bullish sentiment and ultimately some profit-taking,” said Frank Moncam, senior portfolio manager at Altimo LLC.
Earlier, the media reported that Iran could attack Israel within the next 48 hours. Israel mobilized the Iron Dome air defense operator and put the Air Force on full alert.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.