Oil prices edged higher amid escalating Middle East tensions
However, the upward momentum was tempered by disappointing US economic data, which revealed that job growth fell short of expectations last month.
Oil prices experienced a slight uptick on Friday, driven by reports indicating that Iran may be preparing a retaliatory strike on Israel through proxies, further exacerbating geopolitical tensions in the Middle East. Despite these modest gains, crude prices finished the week in the red, reflecting persistent doubts regarding potential disruptions to oil supplies.
Brent futures gained up $0.29 to close at 73.10/barrel.
WTI gained $0.23 to settle at $69.49/barrel.
However, the upward momentum was tempered by disappointing US economic data, which revealed that job growth fell short of expectations last month.
Looking ahead, the oil market faces a series of critical events that could shape future prices, including the upcoming US elections, a meeting of China’s top legislative body next week, and a pivotal decision from OPEC+ regarding the potential gradual revival of production starting in December. These developments will be closely monitored as traders navigate an increasingly volatile landscape.
Written by: Muhammad Hafiz