Oil rises more than a dollar on reports that Iran is preparing to strike Israel from Iraq
Oil rises more than a dollar on reports that Iran is preparing to strike Israel from Iraq
2024-11-01
Shafaq News/ Oil prices continued their gains during early Friday trading, jumping by more than a dollar per barrel, reducing their weekly losses after reports that Iran is preparing to launch a strike in response to Israel from Iraqi territory in the coming days.
Brent crude futures, whose January contract began trading, rose $1.31, or 1.80 percent, to $74.12 a barrel by 0128 GMT.
U.S. West Texas Intermediate (WTI) crude futures rose $1.35, or 1.95 percent, to $70.61 a barrel after settling 0.95 percent higher in the previous session, Reuters data showed.
Israeli intelligence indicates that Iran is preparing to attack Israel from Iraqi territory in the coming days, perhaps before the upcoming US presidential elections on November 5, according to what the Axios website reported yesterday, Thursday, citing two unnamed Israeli sources.
The Axios report added that the attack is expected to be carried out from Iraq using a large number of drones and ballistic missiles. The report stated that the attack being carried out by pro-Iranian factions in Iraq may be an attempt by Tehran to avoid another Israeli attack on strategic targets in Iran.
Oil prices are also supported by expectations that OPEC+ may delay a planned increase in oil production in December by a month or more, four sources familiar with the matter told Reuters on Wednesday, amid concerns about weak oil demand and rising supplies.
However, prices are set to fall more than 1 percent this week and are struggling to recover from a 6 percent loss on Monday after an Israeli strike on Iran on Oct. 26 avoided hitting oil and nuclear facilities and did not disrupt energy supplies.
shafaq.com
