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Oil prices rise above 1 USD/barrel. The changes, the risk of an Iranian attack on Israel

2024-11-02 10:24:26Biznes SHKRUAR NGA REDAKSIA VOX

Oil prices rise above 1 USD/barrel. The changes, the risk of an Iranian attack

Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses after reports that Iran is preparing a retaliatory attack on Israel by Iraq in the coming days.

Brent crude futures rose $1.39, or 1.9%, to $74.20 a barrel. US West Texas Intermediate crude rose $1.44, or 2.1%, to $70.70.

Israeli intelligence has suggested that Iran is preparing to attack Israel with a large number of drones and ballistic missiles from Iraqi territory in the coming days, possibly ahead of the US presidential election on November 5, according to reports.

Oil prices were also supported by expectations that OPEC+ could delay a planned December increase in oil production by a month or more. A decision could be made as early as next week, according to sources.

However, prices are on track for a weekly decline of more than 1%, trying to recover from a 6% loss on Monday, after Israel's strike against Iran's military on October 26 bypassed oil facilities and did not stop power supply.

Analysts point out that, although the situation in the Middle East may escalate faster than expected, both Israel and Iran appear reluctant to ignite a full-scale regional war. "Any additional response from Iran is expected to remain restrained, as it is intended more as a show of force rather than an invitation to open war," they explain.


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