THE BARE STORY
Oil prices rose Friday after falling the previous day, as investors assessed potential developments involving the United States and Iran following the U.S. midterm elections.
Brent crude traded at $99.90 a barrel Friday, up 1.67%, while West Texas Intermediate rose 1.43% to $91.69. On Thursday, Brent had fallen to $97.44 and WTI traded at $90.42.
Bob McNally, president of Rapidan Energy Group, said he saw a high likelihood of renewed fighting between the United States and Iran, citing unresolved differences over Iran’s nuclear capabilities. Other economists and investment strategists also pointed to risks that regional developments could affect Middle Eastern oil supplies.
A senior Iranian official said Iran had sent a nuclear proposal to Washington through Qatar. Iran also reported three further attacks on oil tankers in the Strait of Hormuz on Thursday, while maritime tracking data indicated continued attacks on commercial vessels.
U.S. gasoline prices have declined in recent weeks, with the national average at $4.06 per gallon Thursday. Petroleum analyst Patrick De Haan said he expected the average to fall below $4 per gallon by the following week.
Note: All TheBareNews content is AI-generated. For additional context, reporting, and updates, you are invited to explore the news outlets linked above.
