Oil futures prices rose on Friday, as escalating tensions in the Middle East have raised concerns about the potential spillover of the conflict across borders and its wider impact on crude supply.
The uncertainty surrounding ceasefire negotiations between Israel and Hamas, coupled with the recent incident in Gaza where Israeli forces targeted unarmed Palestinians who were collecting aid, resulting in a reported death toll of over 100 according to Hamas, has contributed to the heightened sense of unease.
Additionally, the ongoing Houthi attacks on Red Sea shipping have further added risk to oil prices. West Texas Intermediate (WTI) for April contracts jumped 1.52% to $79.48 per barrel at 06:27 am ET. Brent for May deliveries increased 1.50% to $83.13 per barrel. NN: a worsening crises pushing oil higher and a cease fire and hostage release will take the $12 war premium out of the market… Place your bet.