Brent Crude is set to record its largest weekly increase since February 2022 following Israel’s attack on Iran’s nuclear facilities.
On Friday Brent Crude started to rise to $74 a barrel, up by 7%.
Hargreaves Lansdown analyst Derren Nathan said, “It’s not just the outlook for Iranian exports that’s a concern but also the potential for disruption to shipping in the Persian Gulf’s Strait of Hormuz, a key route for about 20% of global oil flows and an even higher proportion of liquified natural gas haulage.
“A 3.6-million-barrel draw on US inventories last week, the third consecutive weekly decline, is also providing support for prices on the demand side.”
Leave a Comment