The prices of oil futures advanced by 2% on Friday amid the alleged renewed strains in the relations between the United States and Iran, which emerged from the former reportedly persuading Qatar not to release the latter’s frozen funds due to its support for Hamas’s attacks on Israel. Meanwhile, the spokesperson for the Iranian mission to the United Nations (UN), Ali Karimi Magham, noted the US does not have the right to do that.
Meanwhile, the US posted a new report on its crude inventories, which showed that the country’s refineries operated at a significantly lower level than expected, which is 85.7% of their capacity.
West Texas Intermediate (WTI) for November’s settlements jumped by 2.23% at 3:43 am ET to sell for $84.76 per barrel. At the same time, Brent for December’s deliveries soared by 2.09% to go for $87.74 per barrel. BlackMask Pod Cast: