{"id":10387,"date":"2024-04-12T11:59:12","date_gmt":"2024-04-12T11:59:12","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10387"},"modified":"2024-04-12T12:44:54","modified_gmt":"2024-04-12T12:44:54","slug":"oil-rebounds-on-mideast-tensions-but-set-for-weekly-loss","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10387\/","title":{"rendered":"Oil rebounds on Mideast tensions but set for weekly loss"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though the market is set for a weekly loss on expectations of fewer U.S. interest rate cuts this year.<\/p>\n

Concern that Iran might retaliate for an attack on Monday by suspected Israeli warplanes on Iran’s embassy in Damascus has supported oil near a six-month high this week, despite dampening factors such as rising U.S. inventories.<\/p>\n

“As we have seen on numerous occasions since December, the risk of a geopolitical event occurring during the weekend is once again lifting the risk premium ahead of the weekend only to drop again on Monday,” said Saxo Bank’s Ole Hansen.<\/p>\n

Brent crude futures climbed 79 cents, or 0.9%, to $90.53 a barrel by 0900 GMT, while U.S. West Texas Intermediate crude futures rose 92 cents, or 1.1%, to $85.94.<\/p>\n

Prices briefly pared gains after the International Energy Agency cut its forecast for 2024 world oil demand growth and predicted a further slowdown in 2025. Oil was set for a weekly fall as Brent and WTI headed for a roughly 1% decline.<\/p>\n

The U.S. expects an attack by Iran against Israel but one that would not be big enough to draw Washington into war, according to a U.S. official. Iranian sources said that Tehran has signalled a response aimed at avoiding major escalation.
\nING analysts said they expect oil’s rally to retreat unless there is a further escalation in the Middle East or supply disruptions.<\/p>\n

“We maintain our forecast for Brent to average $87 a barrel over the second quarter of this year,” the ING analysts added.<\/p>\n

Friday’s gains erased the losses from the previous session, which was dominated by stubborn U.S. inflation that dampened hopes for an interest rate cut as early as June.<\/p>\n

U.S. Federal Reserve officials signalled on Thursday that there was no rush to cut interest rates as U.S. inflation persisted.<\/p>\n

Updated on