Oil Rallies on Report Iran Planning Israel Attack Via Proxies
(Bloomberg) -- Oil extended gains for a third session after a report that Iran could be planning to attack Israel from Iraqi territory in coming days, jolting the market’s attention back to Middle East hostilities.
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West Texas Intermediate jumped as much as 2% on Friday morning to trade above $70 a barrel, following an Axios report that Iran was preparing a strike through militias it backs in Iraq, citing two Israeli sources it didn’t name. Brent closed higher near $73 in the previous session.
Oil tumbled at the start of the week after a limited Israeli attack on Iran in response to an Oct. 1 missile barrage, which led to a war premium unwinding and focus shifting to weak fundamentals. However, Standard Chartered Plc warned that the market had “relaxed too quickly.”
The oil market has a number of key events on the horizon that could impact prices, from the US election and a meeting of China’s top legislative body next week, to a looming decision from OPEC+ to start gradually reviving production from December.
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