Price movements
Crude futures rose Brent $3.72, or 5.03 percent, to $77.62 per barrel.
US West Texas Intermediate crude futures rose $3.61, or 5.15 percent, to $73.71.
Brent crude futures reached an intraday high of $77.89 per barrel, while West Texas Intermediate crude futures peaked at $73.97 per barrel, both reaching their highest levels in a month.
Market concerns are growing about the possibility of Israel targeting Iranian oil infrastructure, which also raises the possibility of Iranian retaliation.
In response to inquiries about possible support Israel Regarding the attack on Iranian oil facilities, US President Joe Biden told reporters on Thursday, “We are discussing that.” “Nothing will happen today,” Biden added.
The US Department of Defense, the Pentagon, stated without details that it was holding discussions with Israeli officials about their possible response to the Iranian missile attack.
Iran is a member of the Organization of Petroleum Exporting Countries (OPECIts production is about 3.2 million barrels per day, or three percent of global production.
Analyst Ashley Quilty of Panmure Gordon said there were concerns such an escalation could push… Iran To close the Strait of Hormuz.
The strait is an important logistical point through which a fifth of daily oil supplies pass.
Which led to limiting oil gains on Thursday, the National Oil Corporation said in… For Libya In a statement on its Facebook page, it lifted the state of force majeure on all Libyan oil fields and ports, which could end a crisis that led to a significant reduction in oil production.
The US Energy Information Administration said yesterday, Wednesday, that crude inventories in the United States rose by 3.9 million barrels to 417 million barrels in the week ending September 27, compared to expectations in a Reuters poll of a decline of 1.3 million barrels.
“The increase in US inventories reinforced evidence that the market has large supplies that can withstand any production disruption,” analysts at ANZ said in a note.
