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Oil touched the highest level in almost two months, with the market gripped by turmoil in the Middle East and political uncertainty in some of the world’s biggest economies.
There are renewed fears that an Israel offensive into Lebanon to push back Hezbollah from the border could spark a direct confrontation with OPEC member Iran.
Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand.
Crude oil futures climbed more than 1% Thursday as rising worries over geopolitical risk and expectations of tightness in Q3 outweighed a surprise increase in U.S. crude and gasoline inventories. Cross-border tensions between Israel and Hezbollah in Lebanon have been escalating,
Oil prices edged higher on Thursday on worries about supply dissruption that were stoked by mounting geopolitical tensions in the Middle East and Europe, while an unexpected uptick in U.S. crude and gasoline stockpiles capped gains.
Oil prices edged higher on Thursday as supply disruption risks from rising geopolitical tensions in the Middle East helped to counter demand fears after a surprise build in U.S. stockpiles. Brent crude oil futures gained 70 cents,
U.S. oil production and demand rose to a four-month high in April, according to the Energy Information Administration's Petroleum Supply Monthly report published on Friday.
Stock markets in the United Arab Emirates closed higher on Friday, tracking oil prices on worries that a potential expansion of the Gaza war might disrupt Middle East supplies.