Singapore, April 19 – Oil prices rose sharply on Friday morning in response to rising tensions in the Middle East. Israeli and Iranian attacks have raised concerns about disruptions to oil supplies, leading to a price increase of more than 2% per barrel.
Reasons for the price increase:
- Escalation of the conflict between Israel and Iran following mutual attacks.
- Fears of disruptions to oil supplies from the Middle East.
- Strengthening of the US dollar, which makes oil more expensive for buyers in other currencies.
Current prices:
- Barrel of US WTI oil: $84.53 (€79.15)
- Barrel of North Sea Brent oil: $88.72
Outlook:
Oil prices are expected to remain volatile until tensions in the Middle East are resolved. A further rise in prices could be caused by a shortage of oil on the market, while a decline could be caused by a fall in demand or a strengthening of the global economy.
