Reported 4 days ago
Oil prices increased for the third consecutive day as concerns over supply risks in the Middle East intensified, particularly following Israel's threats of retaliation against Iran. West Texas Intermediate approached $71 a barrel, and Brent crude closed below $74. The ongoing conflict in the region, which accounts for a significant portion of global oil supply, raises worries about potential disruptions in oil flows due to strikes on energy facilities. Despite these concerns, OPEC+ signals plans to restore some production by December, and recent US data showed a notable rise in crude inventories.
Source: YAHOO