Oil Moving Towards $65

Oil Moving Towards $65 Oil Moving Towards $65

Oil prices rallied towards $65 per barrel on fears of a US military attack on Iran that would disrupt flows from the Middle East, which provides more than 20% of the world’s oil output.
Brent crude was up 42 cents, or 0.66%, at $64.87 a barrel. 
The global benchmark jumped 4.3% on Thursday and was up around 5% for the week, in its first weekly gain in five weeks, CNBC reported. 
US West Texas Intermediate crude was up 21 cents, or 0.38%, at $57.28 a barrel. The US benchmark surged 5.4% on Thursday and was on track for a 9% increase this week. 
“Crude prices are spiking on increased Middle East tensions after Iran shot down a US drone in what the US claims is international airspace,” said Jason Gammel from Jefferies. 
Iran said it had shot the drone over its territory. 
Iranian officials told Reuters on Friday that Tehran had received a message from US President Donald Trump through Oman overnight warning that a US attack on Iran was imminent. 
The officials said they had responded by saying that any attack would have regional and international consequences.

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