Crude oil prices rose on Friday on news that Iran will launch a direct attack on Israel later this week. Israel is preparing to respond to the attack. CNBC reports.
The Israel-Hamas war began in October last year, sparking tensions in the Middle East. At that time, global oil prices rose after a Houthi attack in the Red Sea.
Political tensions have increased following the recent Israeli attack on the Iranian consulate in Jordan. Amidst such unrest, oil prices have risen again.
The price of a barrel of West Texas Intermediate (WTI) fuel oil, which will be delivered next month, rose by $1.14, or 1.34 percent, to $86.15 on Friday. On the other hand, the price of a barrel of Brent crude oil, which will be delivered in June, rose by $1.04, or $1.16, to $90.79.
