rose Oil pricesOn Tuesday, amid rising tensions in the Middle East after Israel’s Chief of Army Staff said Israel would respond to an attack launched by Iran over the weekend with missiles and drones, among requests for bans from friends.
By 00:05 GMT, Brent crude futures for June delivery rose 46 cents, or 0.5 percent, to $90.56 a barrel, while U.S. crude futures for May delivery rose 43 cents, or 0.5 per cent, to $85.84 per barrel.
Oil prices ended Monday’s session lower, after it became clear that Iran’s attack on Israel at the weekend was less damaging than expected, which initially allayed fears of an escalating conflict. growth that could disrupt crude oil supplies.
The attack, which Iran explained was in response to an air strike on its consulate in Damascus, caused only minor damage. Israel’s Iron Dome defense system shot down the missiles.
But a government source said Israeli Prime Minister Benjamin Netanyahu on Monday called the war cabinet to meet for the second time in less than 24 hours to discuss how to respond to Iran’s first direct attack on Israel, and this raised fears in the market that retaliatory measures would affect oil supplies.
Iran produces more than three million barrels per day of crude oil, and is a major producer in the Organization of the Petroleum Exporting Countries (OPEC).
Both benchmarks rose on Friday with expectations Iran’s revenge attackPrices rose to their highest levels since October.
In China, the world’s biggest oil importer, official GDP figures scheduled for Tuesday are expected to show growth slowing to 4.6 percent year-on-year from 5.2 percent in the previous three months. that.
This would continue to put pressure on policymakers to announce more economic stimulus measures that could boost oil prices.
2024-04-16 01:16:55
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