Oil continues to rise amid supply concerns The economy

Brent crude and US West Texas Intermediate crude rose more than a dollar a barrel in Friday's settlement yesterday, as markets awaited any signs of direct conflict between Israel and Iran.

Brent crude was up 0.57% at $91.17 a barrel after settlement, while US West Texas Intermediate crude was up 0.37% at $86.91 a barrel.

The day before yesterday, Thursday, both gauges recorded their highest levels since last October.

Both benchmarks posted gains of nearly 4% this week after Iran (the third largest producer in OPEC) vowed to retaliate against Israel after an attack that killed several senior Iranians. Army soldiers.

Israel has not claimed responsibility for Monday's attack on the Iranian embassy in Syria.

A NATO official said yesterday that Ukrainian drone attacks on refineries in Russia have affected more than 15% of Russia's production capacity and disrupted the country's fuel production.

Bloomberg News Agency, citing analysts, said oil prices could continue to rise to $100 a barrel as the global oil market closes in 2023.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies – led by Russia – this week kept oil supply policy unchanged within the so-called OPEC Plus alliance, and pressured some countries to increase their commitment to production cuts.

The US jobs report – yesterday, Friday – showed that the number of new jobs rose at a faster-than-expected pace in March and steady growth in wages.

A 303,000 job gain last month indicates strong demand for oil, but it could delay an expected cut in interest rates by the Federal Reserve later this year.

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Global demand for oil is expected to increase by 1.4 million barrels per day in the first quarter, analysts at JP Morgan said.

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