Oil prices are trading higher again and are on course to close a third consecutive week of gains, as attacks in Saudi Arabia multiply and investors fear fresh disruptions to crude flows through the Strait of Hormuz.
North Sea Brent — the European benchmark — was up 0.9% at $114.16 per barrel on Friday morning, set to close the week with gains of around 4%. West Texas Intermediate (WTI) — the US benchmark — jumped 1.20% to $100.67 per barrel, reclaiming the $100 threshold.
TTF natural gas futures traded in Amsterdam also rose, with the price per megawatt-hour reaching €92.20 — an advance of more than 2% from the previous session’s close — lifting year-to-date gains to more than 226%.
The latest attacks by Yemen’s Iran-backed Houthi rebel group have deepened uncertainty across the region since the United States and Israel decided to strike the Islamic Republic in late February. There is no near-term end to the conflict in sight, particularly after US President Donald Trump stated that, despite Washington having already “defeated” Tehran, it was still possible to “go a little further.”
“The latest geopolitical escalations point to a more intense attack against Iran, which is pushing crude prices higher,” Dennis Kissler, senior vice president of trading at BOK Financial Securities, told Bloomberg. “Most investors are interpreting recent developments as a signal that prices will remain higher for longer,” he added.
According to The New York Times, the US and Israel are preparing to intensify strikes against Iran following the US midterm elections, scheduled for 3 November — less than two weeks away. Speaking to the Financial Times, Trump’s ambassador to the United Nations, Mike Waltz, said the countries could remain at an impasse until the end of 2027.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=554940
