Oil Closes Higher on Fears of Prolonged Middle East Conflict
Oil prices closed higher this Friday, as a lack of de-escalation progress in the Middle East fueled fears of prolonged disruptions in the crude oil market. AFP The price of North Sea Brent, for May delivery, rose 3.26% to $112.19 a barrel. Its U.S. equivalent, West Texas Intermediate (WTI), for April delivery, advanced 2.27% to $98.32 a barrel on its last day of trading. [..]
TL;DR
- Oil prices closed higher due to fears of prolonged disruptions in the Middle East market.
- Attacks have expanded to target oil and gas production facilities, not just storage and transport infrastructure.
- Shipping through the Strait of Hormuz, a key oil transit route, remains blocked.
- The US president urged Israel to cease attacks on Iranian energy infrastructure.
- The International Energy Agency (IEA) countries have begun releasing 426 million barrels of oil reserves.