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Tensions in Middle East hoist oil prices to largest weekly gain for months


Friday, 20 September 2019 14:19 WIB

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Oil prices were on track to jump more than 7% this week, their biggest weekly rise in months, as early trading on Friday saw gains extended on fresh Middle East tensions after a key Saudi Arabian supply hub was knocked out in an attack last weekend.

A Saudi-led coalition launched a military operation north of Yemen's port city of Hodeidah, as the United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.

Brent crude is on track to rise about 7.7% this week, the biggest weekly gain since January. The front-month November contract was at $64.77 a barrel, up 37 cents, by 06:50 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 55 cents to $58.68 a barrel, set to post a 7.1% gain for the week, the largest weekly rise since June.

Source : Reuters


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