48 Days
Source:
المشهد العربي
Oil Prices Continue to Rise Toward 12% Weekly Gain
Oil prices significantly increased during Friday’s trading sessions, amid growing fears of an escalation in the conflict between the United States and Iran and its potential impact on energy supplies in the Middle East. Iran has asked the Houthi militia to prepare to close the Bab el-Mandeb Strait, through which approximately 7% of the world’s oil production passed in June, as a possible response to American strikes on Iranian infrastructure. Brent crude rose by 0.85%, reaching around $85 per barrel, while West Texas Intermediate (WTI) increased by 1%, reaching approximately $79.74, amid anticipation of US oil market data regarding drilling platforms.
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