He texas intermediate oil price closed this Friday’s session with a rise of 0.91%, to $74.38 per barrel, thus accumulating a weekly increase of 9.09% – its greatest advance since March 2023 – amid tensions in the Middle East, with Israel and Iran threatening a regional war.
At the close of the day in the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in November added 67 cents compared to the previous session.
The biggest advance of the week in prices of American crude oil occurred on Thursday (5.15%) after President Joe Biden said he was in talks with Israel about the possibility of attacking Iranian oil facilities in retaliation for the missiles that Tehran launched on Tuesday at the Jewish state.
However, Biden clarified those comments this Friday by discouraging Israel so that it would not attack the Iranian crude oil plants.
“The Israelis have not concluded what they are going to do in terms of an attack, that is under discussion (…) If I were in their place, I would be thinking about alternatives other than attack oil fields“Biden told reporters at a press conference at the White House.
- The market has gone through moments of volatility this week due to the worsening of tensions in Middle Easta region rich in oiland the fear of interruptions in production that could affect global supply.
Despite everything, analysts considered that if Israel indeed attacks oil assets Iranians, other producers can make up the shortfall.
Spike in prices
This rebound in the prices of American black gold It comes a month after these hit their lowest level in almost three years, when bearish perceptions took over the market due to weak demand in China and the plans of the OPEC+ to increase production.
In other markets, contracts natural gas for delivery in November fell to $2.854 per thousand cubic feet and gasoline contracts expiring in the same period rose to $2.0958 per gallon.
