Oil And Gas Prices On The Rise Again As Supply Risks Multiply

Global energy prices are ending the week the way they began – surging higher due to a combination of supply risks that have put investors on edge, as reported by Anna Cooban for CNN.

The price of Brent crude, the global oil benchmark, rose by over 4% on Friday, reaching nearly $90 a barrel. West Texas Intermediate crude oil futures, the US benchmark, also increased by 4.2% to $86 a barrel.

The price of Brent crude, the global oil benchmark, rose by over 4% on Friday, reaching nearly $90 a barrel. West Texas Intermediate crude oil futures, the US benchmark, also increased by 4.2% to $86 a barrel.

According to Edward Moya, a senior market analyst at Oanda, the primary driver behind this surge is the ongoing conflict in Israel, along with concerns that it could extend into the broader oil-rich Middle East region.

Moya stated, "The oil market is very sensitive to developments in the Israel-Hamas conflict. There are concerns that, despite record levels of US production, a significant supply shock could occur in the near future."

Analysts had previously told CNN earlier in the week that the conflict, initiated by a deadly assault by Hamas militants over the weekend, had made investors cautious about a potential escalation that might involve Iran.

Israel has long accused Iran of engaging in a form of proxy warfare by supporting groups, including Hamas, which have launched attacks against it. Tehran has denied involvement in the weekend's attacks.

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