Brent crude oil futures climbed to around $74 per barrel on Friday, marking a third consecutive session of gains as market focus returned to the ongoing conflict in the Middle East.
Oil prices up amid Middle East tensions
Similarly, WTI crude futures edged closer to $71 per barrel, also rising for the third straight session amid heightened attention on geopolitical tensions.
The price increase was driven by reports suggesting that Iran may be preparing to launch an attack on Israel from Iraqi territory in the coming days, with sources indicating the potential use of drones and ballistic missiles. Investors remain on high alert, particularly after Israel’s military chief warned of a "very hard" response should there be any further missile strikes. Oil prices were further supported by speculation that OPEC+ may delay its planned production increase for December, possibly pushing it back by at least a month.
Chinese effect
Additionally, signs of a rebound in China’s manufacturing sector, with activity returning to growth in October according to both private and official surveys, indicate that recent stimulus measures may be gaining traction. Nevertheless, oil is on track to record a weekly decline.
