:Oil prices jumped $3 a barrel on Friday in reaction to unconfirmed reports on X that explosions had occurred in Iran, sparking concerns that Middle East oil supply could be disrupted. Brent futures jumped $3.03, or 3.5 per cent, to $90.14 a barrel by 0147 GMT, and U.S. West Texas Intermediate crude rose $3.
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo:Oil prices jumped $3 a barrel on Friday in reaction to unconfirmed reports on X that explosions had occurred in Iran, sparking concerns that Middle East oil supply could be disrupted.
"There are some unconfirmed reports of explosions in the Middle East," ING's head of commodity research, Warren Patterson, said. Investors have been closely monitoring Israel's reaction to the April 13 Iranian drone attacks on Israel. The geopolitical risk premium in oil prices had been unwinding this week on the perception that any Israeli retaliation to Iran's attack would be moderated by international pressure.
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