Latest News

Oil extends gains on reports Iran preparing to strike at Israel

Oil costs extended gains in early Asian trade on Friday, following reports that Iran was preparing a vindictive strike on Israel from Iraqi area in the coming days.

U.S. West Texas Intermediate unrefined futures increased $ 1.24, or 1.8%, to $70.50 a barrel by 2229 GMT after settling up 0.95% in the previous session.

Brent crude, which will roll to the January contract, has yet to begin trading. The December contract which expired on Thursday closed 0.85% higher at $73.17.

Israeli intelligence recommends Iran is preparing to attack Israel from Iraqi area in the coming days, potentially before the U.S. presidential election on Nov. 5, Axios reported on Thursday, citing 2 unknown Israeli sources.

The attack is expected to be performed from Iraq utilizing a. large number of drones and ballistic missiles, the Axios report. included. The report said that carrying out the attack through. pro-Iran militias in Iraq might be an attempt by Tehran to avoid. another Israeli attack against strategic targets in Iran.

Oil prices were also supported by expectations that OPEC+. might postpone December's organized boost to oil production by a. month or more, 4 sources close to the matter told Reuters on. Wednesday, pointing out concern about soft oil demand and increasing. supply.

(source: Reuters)