(New York) The price of a barrel of American West Texas Intermediate (WTI) recorded a sixth session of increase in a row on Friday, in an oil market which is watching for an Iranian response against Israel.
The price of WTI for delivery in May rose 0.36% to $86.91, the highest since the end of October.
A barrel of Brent from the North Sea, due in June, gained 0.57%, to $91.17, also a high of more than five months.
“We are worried about seeing the Iranians take revenge on Israel” after the strike on the Iranian embassy annex in Damascus (Syria), explained Robert Yawger, analyst for Mizhuo Americas.
The attack killed two generals from the Quds Force, an Iranian cell which operates outside the borders of the Islamic republic.
The United States and Israel are expecting a missile and drone strike on an Israeli representation before the end of Ramadan on Tuesday, according to CBS, which cited official American sources.
According to the daily Jerusalem Postsome 28 embassies and consulates were closed in anticipation of a possible attack.
“Iran has never directly attacked Israel,” recalls Robert Yawger, even if groups related to or supported by the Iranian regime, in particular the Lebanese Hezbollah, have already struck the Hebrew state.
Such an event would probably not have immediate repercussions on oil supplies, but it would “increase geopolitical turbulence”, warns the analyst.
“This would bring us closer to the worst possible scenario, namely a direct confrontation between Iran and Israel,” he said.
As the weekend approaches, operators preferred to position themselves upwards on Friday, in the event of new developments when the markets are closed.
In addition to the situation in the Middle East, black gold prices remain stimulated by the surge in refined products.
The wholesale price of gasoline in the United States reached a level Friday that it had not seen in seven months.
Figures released Wednesday by the US Energy Information Administration (EIA) showed a new surge in gasoline volumes delivered to the United States, a data considered as an implicit indicator of demand.
On Friday, operators also paid attention to the monthly employment report in the United States, which showed a number of job creations well above expectations in March.
This demonstrates the dynamism of the American economy, likely to encourage consumption and demand for petroleum products.
A sign of the current confidence in the appetite for black gold, Saudi Arabia officially raised the tariffs that will be applied to its Asian customers in May by $2 per barrel on Friday.