West Texas Intermediate (WTI) crude oil prices continued their upward trend, nearing $81.80 per barrel during Friday’s Asian session, marking a third consecutive day of gains. The ongoing increase in oil prices is driven by persistent supply threats, largely attributed to escalating tensions in the Middle East.
Recent weeks have seen heightened tensions between Israel and Lebanon’s Hezbollah, with intensified rocket and drone attacks targeting northern Israel. The potential for a broader conflict involving major oil-exporting countries like Iran has contributed to market anxieties.
International responses reflect growing concern over the situation. The French foreign ministry has voiced apprehension regarding developments in Lebanon, while Turkey has expressed solidarity with Lebanon, appealing for regional support, according to Reuters reports.
Further exacerbating supply concerns are weather-related disruptions impacting global oil production. FGE Energy reported on Friday that Ecuador’s production has declined by 100,000 barrels per day over the past week due to heavy rains. Additionally, the US National Hurricane Center is monitoring a weather system that could potentially develop into a cyclone, posing risks to energy infrastructure along the US Gulf Coast and affecting both domestic energy supply and exports.
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