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11/10/2023, 11:09 AM (Source: TeleTrader)
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Oil prices rise 1% as war in Middle East rages

Crude oil prices for future contracts climbed 1% on Friday as growing turmoil in the Middle East continued to fuel concerns about the supply of the commodity ahead of the winter months.

According to the Iranian media, the country's foreign minister, Hossein Amirabdollahian, warned of the "inevitable expansion" of the war between Israel and Hamas as the number of casualties among Gazan civilians continues to rise. The Iranian foreign minister said in a separate statement that "time is running out fast for Tel Aviv's crimes to continue." A potential spillover of the conflict in the region, which accounts for one-third of the world's seaborne oil trade, seemingly pushed prices to rise at the end of the week.

At 4:57 am ET, West Texas Intermediate (WTI) for December deliveries went up by 0.98% to sell at $76.48 a barrel. Brent for January settlements added 1.02% to $80.81 per barrel.

Baha Breaking News (BBN) / AB