Friday, 4 October 2024 06:26 WIB | OIL |Minyak WTIbrent oilOil,Crude Oil

Oil pushed higher  following its biggest one-day jump in almost a year  on concerns that Israel may decide to strike Iranian crude facilities in retaliation for a missile barrage earlier this week.

West Texas Intermediate rose toward $74 a barrel, after surging more than 5% on Thursday, while Brent closed near $78. On Thursday, President Joe Biden  when asked if he would support Israel attacking Iran’s crude facilities  said: “We’re discussing that.” Later, a US official said the administration was still in talks with Israel, and believed that no decision had been taken yet.

President Joe Biden addresses questions about whether Israel will include strikes on Iran’s oil industry in its response to Iran’s recent missile barrage. Biden spoke Thursday outside the White House.

Crude has soared this week as the escalation of tensions in the Middle East raised the possibility that supplies from the region, which accounts for about a third of the world’s total, could be disrupted. Israel and Iran, as well as Tehran’s proxies in Lebanon, Gaza and elsewhere, have been facing off for the past year, stoking concerns of an all-out conflict that could draw in the US.

OPEC member Iran  which pumps more than 3 million barrels of crude a day fired a barrage of missiles into Israel earlier this week, after Israel stepped up its offensive against Tehran-backed Hezbollah, including sending its troops into southern Lebanon. On Thursday, the US-led Group of Seven nations called on countries in the region “to act responsibly and with restraint”.

WTI for November delivery added 0.2% to $73.83 a barrel at 6:49 a.m. in Singapore.

Brent for December settlement closed 5% higher at $77.62 a barrel on Thursday.

Source : Bloomberg