Due to the effects of the wars in the Middle East and Ukraine, the prices of oil in the international market have increased.
Brent crude rose 22 cents to $78.78 a barrel.
U.S. West Texas Intermediate crude futures were up 31 cents at $73.72 a barrel, which expires on Monday. The more active March WTI contract was up 26 cents at $73.51.
“This morning’s reopening reflects current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East,” said IG analyst Tony Sycamore.
There are no signs of abating in Israel’s attack against Gaza, while despite the countermeasures of the United States, attacks on commercial ships in the Red Sea by the Iran-affiliated Houthis continue.
The situation has tightened European and African crude markets and pushed the premium over the Brent contract to the six-month contract on Friday to its highest level since November. .
Russian energy company Novatek has been forced to suspend some operations after a fire broke out at a fuel export terminal in the Baltic Sea.
The latest forecast for demand growth for 2024 by the US Energy Information Administration, the International Energy Agency and the Organization of the Petroleum Exporting Countries is between 1.24 million and 2.25 million barrels per day, although all three organizations expect that in 2025. Demand growth will slow.