Crude oil prices, which increased by around 2% for most of Thursday’s session, have accentuated their upward trajectory and are now advancing by one 4% before the possibility about what Israel attacks Iranian oil facilities.
At 5:00 p.m. (3:00 p.m. GMT), Brent, the benchmark crude in Europe, rose 3.9% and was around 76.7 dollars per barrel, although it reached $77.65, the highest level since August, according to Bloomberg data.
West Texas Intermediate (WTI), a benchmark in the United States, then increased by 4.1% and exceeded $73 per barrel. This rise in oil prices occurred after the President of the United States, Joe Biden acknowledged this Thursday that a possible attack was on the table from Israel to Iranian oil installations.
Oil prices, which have experienced a long streak of decline, They started the bullish path on Marss, after learning that Iran was preparing a missile attack against Israel. Since then, geopolitical tensions have grown and temporarily supplanted concerns about weak demand, particularly in China.
However, investors do not forget the evolution of supply and demand. The decision of OPEC+ (an organization that brings together members of OPEC and other oil powers such as Russia) maintain its plans to increase Production started in December moderated the rise in crude oil this Wednesday.
The increases in Brent and WTI, which had exceeded 3% during Wednesday’s session, remained around 0.4% at the close.
