Oil Prices Rise on Mideast Tensions

25 Oct 2024 , 10:23 AM

Oil prices rose on Friday and are predicted to rise more than 1% for the week as markets remained tense over tensions in the Middle East, the world’s largest oil-producing region, and the upcoming restart of ceasefire negotiations in Gaza.

U.S. West Texas Intermediate crude was up 43 cents, or 0.6%, to $70.62 a barrel. On the contarary, Brent crude futures had increased 45 cents, or 0.6%, to $74.83 a barrel.

Following price swings against predictions of increased or decreased Middle East tensions, both benchmarks ended the previous session down 58 cents per barrel.

Although sources stated that Israel will strike Iranian military targets rather than nuclear or oil targets. The oil traders are also anticipating Israel’s retaliation to Iran’s October 1 missile launch, which might involve striking Tehran’s oil infrastructure and disrupting supplies.

In the upcoming days, U.S. and Israeli officials are scheduled to resume negotiations for a ceasefire and the release of hostages in Gaza. Earlier attempts to come to an agreement have been unsuccessful.

While France has called for a truce, U.S. Secretary of State Antony Blinken stated on Thursday that the United States does not want an extended Israeli assault in Lebanon.

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