Oil prices hit over 5-mth high on Israel-Iran tensions, set for bumper week
Investing.com-- Oil prices hit more than five-month highs in Asian trade on Friday and were set for their best week in two months on the prospect of worsening geopolitical conditions in the Middle East, especially amid increased saber rattling between Israel and Iran.
On the demand front, improving economic readings from top importer China saw traders turn more optimistic over stronger oil imports in the country this year.Prices were boosted chiefly by the prospect of Iran joining the Israel-Hamas war, after Tehran threatened retaliation for what it viewed as an Israeli strike on an Iranian embassy in Syria.
Worsening geopolitical conditions in the Middle East stand to potentially disrupt crude production in the oil-rich region, especially if major producer Iran becomes embroiled in a conflict.Crude was also buoyed by the prospect of tighter global supplies in the coming months, as major producer Russia cut output in the wake of Ukrainian strikes on several key refineries.
While the prospect of tighter markets was somewhat offset by data showing U.S. production remained at record highs last week, a bigger-than-expected draw in U.S.US DoJ to Meet Lawyers for Family of Victims of Boeing 2018-2019 Fatal Crashes as it Weighs Criminal Case - ReutersRisk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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