Oil prices have increased on Friday, aiming more than 1% of the growing tension in the largest oil production region of the world - in the Middle East, Reuters reports.
Brent oil futures grew by 18 cents (0.2%) to $ 74.56 per barrel, while the West Texas Intermediate (WTI) futures in the US oil rose in the United States rose by 15 cents (0.2%), reaching $ 70.34 per barrel.
Ig Ig Market Analyst, Tony Samamlor, said that "we remain in the opinion that the current fair price of oil is at about $ 70, where it is now." He stressed that investors are expecting new factors that can affect the price, including the results of a meeting of the Permanent Committee of the All -China Assembly of People's Representatives and Israel's response to Iran's rocket strike on October 1.
In both reference varieties of oil in the previous session, a decrease in prices by 58 cents per barrel was recorded, as traders tried to estimate the impact of tension in the Middle East on the market.
Among the key factors that concern oil traders is the possible blow of Israel on the oil infrastructure of Tehran in response to rocket firing, although according to information, Israel plans to attack military, not nuclear or oil facilities.
In addition, US and Israel representatives plan to restore ceasefire negotiations and release hostages in Gaza in the coming days. However, previous attempts to reach the agreement were unsuccessful. US Secretary of State Anthony Blinken expressed concern about the protracted Israeli campaign in Lebanon, while France called for diplomacy and ceasefire.
Syakamor also noted that ceasefire negotiations have a slight negative impact on oil prices, as attention is focused on the conflict in Lebanon and the possible reaction of Israel to Iran.
Investors are also waiting for clearer decisions on China's economic policy, although analysts do not expect that these measures will significantly affect the demand for oil from China, which is the second largest consumer in the world.
