Brent crude futures were up 57 cents, or 0.73%, at $78.90 a barrel.
Oil prices rose on the night of August 8 as escalating tensions between Israel and Iran lifted prices after falling to eight-month lows. It was reported by Reuters.
Brent crude futures were up 57 cents, or 0.73%, at $78.90 a barrel. US West Texas Intermediate crude was up 87 cents, or 1.16%, at $76.10.
Prices rose after data showed that the number of Americans filing new claims for unemployment benefits fell more than expected last week, signaling concerns about a worsening labor market. , appears to be inflated.
In addition, the killing of senior members of the militant groups Hamas and Hezbollah last week raised the prospect of Iranian retaliation against Israel, raising concerns about oil supplies from the region’s largest of production in the world.
According to Tim Snyder, chief economist at Matador Economics. this will lead to an increase in crude oil prices if there is a large-scale retaliation by Iran.
It was earlier reported that Brent oil fell sharply to $77 per barrel.
Source: korrespondent
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