1 week ago
Oil Prices Surge Past $93 as US-Iran Conflict Intensifies
Oil prices went up again on Friday.
Brent oil came close to $94 for one barrel.
Another oil price, called WTI, was about $86.84 per barrel.
The prices rose after a previous increase on Thursday.
The ongoing conflict between the United States and Iran raised fears that less oil could reach the world.
When people worry about smaller supplies, oil prices can rise.
Both major oil price measures were heading toward two weeks of gains in a row.
The article does not say how long the price increases will continue.
Brent crude approached $94 a barrel on Friday amid supply concerns.
Brent was trading at $93.89 a barrel around 7:30 am IST.
US West Texas Intermediate stood at $86.84 a barrel.
Brent rose 2.4% and WTI increased 2.3% in the previous session.
Both benchmarks were on track for their second consecutive weekly gains.
- Who
- Oil markets, including Brent crude and US West Texas Intermediate.
- What
- Oil prices rose, with Brent approaching $94 a barrel and WTI reaching $86.84.
- Where
- In global oil markets; the report gives prices in dollars per barrel and the time in IST.
- When
- Friday; Brent and WTI prices were reported around 7:30 am IST, following gains on Thursday.
- Why
- The prolonged US-Iran conflict intensified concerns about global energy supplies.
Key facts
- Brent price
- $93.89 a barrel around 7:30 am IST on Friday
- WTI price
- $86.84 a barrel
- Previous-session Brent increase
- 2.4%
- Previous-session WTI increase
- 2.3%
- Weekly outlook
- Both benchmarks were on track for their second consecutive weekly gains
- Main concern
- Potential disruption to global energy supplies linked to the prolonged US-Iran conflict
Sources
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