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U.S. Crude Extends Weekly Gains to 10% as US-Iran Tensions Add to Rally by Investing.com



© Reuters.

Investing.com – Oil prices hit a three-week high on Friday, extending recent gains as escalating tensions between the U.S. and Iran forced market participants to price in higher geopolitical risk premiums

New York traded rose 45 cents, or 0.8%, to $ 57.52 at barrel at 7:56 AM ET (11:56 GMT), while, the benchmark for oil prices outside the US got 84 cents, or 1.3%, to $ 65.29.

WTI oil was on track for a weekly gain of nearly 10%, while Brent was up 5.3% from a week ago. President Donald Trump had in response to the strike against a U.S. surveillance drone late Thursday, but called off last minute attack, according to New York Times report.

The incident underlined the risk of disruptions to global oil supplies coming out of the Persian Gulf, where six oil tankers have been damaged by explosions in the past six weeks.

"We continue to believe this growing tension in the Middle East, along with expectations of an OPEC + deal, that oil prices will rise higher than the second half of the year," ING commodities strategists Warren Patterson and Wenyu Yao said in a note. "U.S. Pat. dollar, with a further deduction only adds further support, "they added.

OPEC members have postponed their scheduled review of the existing agreement on output restrained by a week to July 1

. Non-members, most importantly Russia, will join the following day. Most analysts expect the aggregate output cut of 1.2 million barrels a day to be extended through the end of the year, although Saudi Arabian Energy Minister Khalid al-Falih has indicated that quotas for individual countries may need to be recalculated.

energy trading, surged 3.4% at $ 1.8465 a gallon at 7:58 AM ET (11:58 GMT), while jumped 1.9% at $ 1,9197 a gallon.

Lastly, traded up 1.1% at $ 2,208 per million British thermal unit. 19659012] Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices and not appropriate for trading purposes. Therefore Fusion Media does not bear any responsibility for any trading losses you might incur as a result of using this data.

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