Oil prices saw a noticeable rise in Asian markets during Friday’s trading, following hints from US President Donald Trump about the possibility of military action against Iran. This has raised serious concerns about the potential for further disruptions to oil supplies from the Middle East region.
Despite some declines recorded in previous sessions, crude oil is moving steadily towards gains for the fifth consecutive week. This comes amid positive expectations for improved global demand, in addition to the markets beginning to factor in a higher risk premium due to the possibility of supply disruptions as a result of increasing geopolitical tensions worldwide.
In numbers, Brent crude futures for March rose by 0.9% to reach $64.62 per barrel. In contrast, West Texas Intermediate crude futures rose by a similar percentage, i.e. 0.9%, to record $59.89 per barrel. (investing)
