PT Solid Gold Berjangka | WTI Oil Rises As Risk Premium Moves Higher After Israeli Attack on Iran

01:06 22 April in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Minyak Oil, PT SGB Solid Group SG Berjangka Solid Gold Berjangka

Solid Gold Berjangka | West Texas Intermediate (WTI) crude oil closed higher on Friday as the geopolitical risk premium rose after Israel launched a retaliatory attack on Iran, but one that caused little damage.

WTI crude oil for May delivery closed up US$0.41 to settle at US$83.14 per barrel, the lowest since late March, while June Brent crude, the global benchmark, was up US$0.33 to US$87.44.

The rise came after Israel carried out drone attacks near the Iranian city of Isfahan that caused little reported damage. The attacks were a response to Iran’s weekend attempt to strike Israel with drone and missiles that also had little effect, with most of the weapons shot down by aircraft and air-defense systems. The Guardian reported the Iranian government is downplaying the attack and quoted an Iranian official saying the country has no immediate plans to retaliate.

Oil prices spiked higher following the attack, with Brent crude briefly rising back above US$90.00 in overnight trade before quickly retreating, as traders returned to bidding down oil’s risk premium even as Israel’s continues its war in Gaza while Yemen’s Houthi militants are still attacking Red Sea shipping.

Source : MT Newswires