Oil Prices Raised After Middle East Conflict

Oil prices rose for the third time in a row Friday, as the Israeli war continues to increase a risk dose amid concerns of an expanding conflict, as supplies remain lower than demand.

The raw oil in West Texas Intermediate for the November remittances increased $1,09 to $90,46 per barrel, while crude oil Brant, the global standard, rose 97 cents to 93,35.

The increase comes as Israel prepares a predicted land offensive in Gaza. The country's fight against Gaza is increasing tensions in the wider Middle East, with Iranian-backed militias fighting Israeli forces on the Israeli-Liban border, while a US naval destroyer brings down the Yemenn missiles.

“Oil prices rose Thursday after deepening tensions in the Middle East puts the market on teh”, Saxo Bank reported, broadcast Clankosova. tv

Increasing tensions come as supplies remain tight following the reduction of OPEC+ quotas and the voluntary reduction of production of 1 million barrels a day from Saudi Arabia.

The Biden administration this week lifted several sanctions on Venezuela in order to return a portion of the country's supply to the largest reserves in the world after agreeing to cheaper elections, although it is likely to have limited impact.