Mexico City. Oil prices rose to their highest level in five months, and the European benchmark Brent closed above $90 a barrel, driven by fear of an attack by Iran following a military operation attributed to Israel against it and the possibility of an interruption in the supply of crude oil.
Concern about the possibility of Iran retaliating for Monday’s attack by suspected Israeli warplanes on the Iranian embassy in Damascus has kept oil prices near six-month highs this week.
In London, the price of Brent rose 71 cents to $90.45, during the session it was trading at $92.18, for the first time since the end of October.
The US benchmark West Texas Intermediate (WTI) added 64 cents to $85.66. For its part, the Mexican export mix rose 60 cents and closed at $79.22 per barrel; However, it closed below $80 the previous Friday.
“The market is concerned that a retaliatory attack by Iran (against Israel) will lead to escalating conflict in the region and affect oil supplies,” said Andy Lipow of consultancy Lipow Oil Associates.
“The main market concern is whether Iran will retaliate against Israel,” said Andrew Lipow, president of Lipow Oil Associates, as fear of a supply disruption associated with events in the Middle East supports prices.
The United States expects an attack by Iran against Israel, but one that would not be large enough to drag Washington into war, according to a US official. Iranian sources said Tehran has signaled a response aimed at preventing further escalation.
Supply chain issues continue to carry the biggest risk premium as Iran maintains its threat to close the Suez Canal, said Tim Snyder, an economist at Matador Economics.
Meanwhile, the International Energy Agency reduced its global oil demand growth forecast for 2024 to 1.2 million barrels per day.
For its part, gold, considered a safe haven asset, reached an all-time high of $2,395.66 per ounce during the session, its fourth consecutive weekly rise.
#Oil #prices #record #highest #price #months
– 2024-04-18 05:21:22
