Oil prices rose to about $92 per barrel »

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Today, Friday, oil prices recorded an increase of more than 2%, approaching weekly gains in light of the escalation of tension in the Middle East, which increases the risk of supply disruption in the oil-producing region, thus offsetting the impact of decreasing expectations of a US interest rate cut this year.

By 1340 GMT, Brent crude futures rose $2.19, or 2.44 percent, to $91.93 per barrel, while US West Texas Intermediate crude futures increased $2.42, or 2.85 percent, to $87.44.

Taking Friday’s sharp rise into account, both crude oils are on their way to recording slight gains on a weekly basis, as they both ended last Friday’s session at $91.17 and $86.91, respectively.

Source: Reuters