US oil soars 10 percent in week on fears of Iran conflict
Oil futures rallied Friday, with U.S. crude up 10% in the week and global benchmark Brent gaining 5% on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.
"A lot of the oil produced in the world comes from very troubled areas, and occasionally we get reminders of that," said Gene McGillian, the vice president at Tradition Energy in Stamford, Connecticut.
The rise in U.S.-Iran tensions has largely driven the gains. An early July meeting of the Organization of the Petroleum Exporting Countries and its allies to reassess production targets and a potential softening of trade tensions between the United States and China were also supporting prices.
Brent crude was up 90 cents at $65.35 a barrel, on course for its first weekly gain in five weeks of 5.4%.
https://www.msn.com/en-us/money/markets/us-oil-soars-10-percent-in-week-on-fears-of-iran-conflict/ar-AADdeno?li=BBnb4R7
I think that was the plan
= new reply since forum marked as read
