Price action
Crude futures rose Brent Nine cents, or 0.12 percent, to $77.71 per barrel by 0010 GMT, and US West Texas Intermediate crude futures rose eight cents, or 0.11 percent, to $73.79 per barrel, according to Reuters data.
The two raw materials are heading to achieve weekly gains of about eight percent, which is the largest since early April 2023.
The American president said Joe Biden Yesterday, Thursday, the United States was discussing launching strikes on facilities Oil Iranian response to the missile attack launched by Tehran on Israel. These comments contributed to a five percent rise in oil prices.
However, supply concerns remained limited given the availability of spare production capacity at the Organization of the Petroleum Exporting Countries (OPEC) and the fact that global crude oil supplies have not yet been affected by the turmoil in the Middle East.
The eastern-based Libyan government and the Tripoli-based National Oil Corporation announced yesterday, Thursday, the reopening of all oil fields and export ports after resolving a dispute over the presidency of the Central Bank, ending a crisis that led to a significant reduction in oil production.
