The prices of oil futures continued to climb on Friday, with the West Texas Intermediate soaring 2.5%. The United States-Russia energy pact was seemingly overshadowed by growing concerns that the situation in the Middle East could worsen again. Following media reports that Washington and Israel could renew their strikes against Iran soon, Tehran warned that it would retaliate even more strongly. WTI for settlements in December jumped 2.5% at 9:37 am ET, going for $101.98 per barrel. A minute later, Brent for the same month’s deliveries surged 2.01%, selling at $115.40.17 per barrel.
Barrot: New US-Iran escalation could push oil prices up
French Foreign Minister Jean-Noël Barrot warned on Friday that renewed hostilities between Washington and Moscow could only push oil prices higher. “Any further escalation between Iran and the United States will only create losers and drive up oil prices,” Barrot noted. In addition, United States President Donald Trump said yesterday that Washington “knocked the hell out of” Iran, and that it may do it “a little bit further.”