London., Oil prices rose on Friday, posting gains of nearly 9 percent, the biggest weekly gains in more than a year, amid the growing threat of war across the Middle East region, although gains in the session were limited. , as US President Joe Biden discouraged Israel from attacking Iranian oil facilities.
In this context, the Mexican export mix added 79 cents, closing at 69.33 dollars per barrel, according to the price published by Petróleos Mexicanos (Pemex).
The European benchmark Brent rose 43 cents to $78.05 a barrel and the US benchmark West Texas Intermediate (WTI) rose 67 cents to $74.38 a barrel.
Israel has vowed to hit Iran for launching a salvo of missiles at Israel on Tuesday, after Israel assassinated the leader of Iran-backed Hezbollah a week ago.
Oil market analysts warned their clients of the possible ramifications of a broader war in the Middle East.
Oil prices rose nearly 2 percent during the session, but retreated sharply after President Biden said that if he were in Israel’s shoes, he would consider alternatives to attacking Iranian oil fields.
An attack on Iranian energy facilities would not be Israel’s preferred course of action, JPMorgan commodities analysts wrote on Friday. However, low levels of global oil inventories suggest that prices will remain elevated until the conflict is resolved, they added.
Citing data from the Kpler ship tracking service, they noted that inventories are below last year’s levels, when Brent was trading at $92, and that, at 4.4 billion barrels, they are the lowest in the world. that is recorded.
Brokerage StoneX predicts that oil prices could rise between $3 and $5 per barrel if Iran’s oil infrastructure is attacked.
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– 2024-10-07 00:45:42
