Business news from Ukraine

Oil prices resume growth, Brent $90.2 per barrel

12 April , 2024  

Oil prices resumed their rise on Friday amid a new wave of fears about a possible Iranian attack on Israel.

Earlier, the United States and its allies warned of a high probability of an Iranian attack on government and military targets in Israel in response to the strike on the Iranian embassy in Syria.

The Wall Street Journal reported on Thursday, citing informed sources, that the attack will take place in the next 24-48 hours.

The cost of June futures for Brent on the London ICE Futures exchange as of 8:05 a.m. is $90.22 per barrel, which is $0.48 (0.53%) higher than at the close of the previous trading. On Thursday, these contracts fell by $0.74 (0.8%) to $89.74 per barrel.

Futures for WTI for May in electronic trading on the New York Mercantile Exchange (NYMEX) have risen in price by this time by $0.61 (0.72%) to $85.63 per barrel. As a result of previous trading, the value of these contracts fell by $1.19 (1.4%) to $85.02 per barrel.

“The threat of Iranian intervention is likely to support the upward trend in oil prices,” said Charu Chanana, an analyst at Saxo Bank Capital Markets in Singapore. – “However, the upward trend in the market will be jeopardized if the escalation of geopolitical risks is avoided.

Traders’ attention on Friday is also focused on the International Energy Agency’s (IEA) monthly review of the oil market.