Oil Price Rose 2% amid Middle East tensions

Global oil prices rose 2% on Friday on track for the third weekly profit in a month as Middle Eastern tensions grow, which could threaten oil supplies from region.

Prices are also boosted by disrupted production in Libya, while US crude stocks tumbled for the second week in a row in a sign of strong demand. 

 

Global Oil Prices 

US crude rose 2.1% to $73.89 a barrel, while Brent rallied 1.8% to $79.02 a barrel. 

US crude lost 0.8% on Thursday, while Brent slid 1% due to growing risk aversion back then as US treasury yields rallied.

 

Weekly Trades 

Across this week, oil prices are up 3% on average on track for the third weekly profit in a row.

Middle East Tensions 

US State Secretary Anthony Blinkin is preparing to visit the Middle East in an attempt to control the conflict and prevent its spillage elsewhere in the region.