Brent Crude Hits $90 A Barrel As Middle East Tensions Escalate
(Bloomberg) -- Brent crude climbed above $90 a barrel for the first time since October, extending a rally driven by OPEC+ production cuts, strong demand and heightened geopolitical risks.
The global benchmark rose as much as 1.5% after Israeli Prime Minister Benjamin Netanyahu said at a security cabinet meeting that his country will operate against Iran and its proxies and will hurt those who seek to harm it.
The comments extended crude's gain this year, which has been built on signs that production cuts by OPEC and its allies are tightening supplies while global demand remains robust. An OPEC+ committee didn't recommend any changes to the group's ongoing output cuts when it met on Wednesday, keeping 2 million barrels a day of output offline until the end of June.Â
President Joe Biden told Netanyahu on a call Thursday that US support for his war in Gaza would depend on new steps to protect civilians, a shift in position for the US.
The heightening tensions in the Middle East gave futures a further push this week after Iran vowed revenge on Israel for an airstrike on its embassy in Syria that killed a top military commander.Â
Read More: Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
--With assistance from Yongchang Chin and Alex Longley.
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
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