Benchmark oil prices rose on October 20 morning and are ending the week in the green amid tensions in the Middle East, Report informs referring to Interfax.
The price of December futures for Brent on the London ICE Futures exchange amounted to $93.24 per barrel, which is $0.86 (0.93%) higher than the closing price of the previous session.
Prices for WTI oil futures for November at electronic trading on the New York Mercantile Exchange (NYMEX) increased by $1.05 (1.17%) and amounted to $90.42 per barrel.
Another disturbing news was a CNN report that an American destroyer eliminated several launched missiles off the coast of Yemen. One of the sources said the missiles were launched by Yemen’s Houthi rebels. However, it is unclear whether they were targeting the destroyer or wanted to hit another object.
Energy markets are closely monitoring geopolitical developments, said Tariq Zahir, managing partner at Tyche Capital Advisors.
He noted that the main fear for traders is the expansion of the conflict between Israel and the Hamas group, as well as Iran’s potential intervention.