(Bloomberg) — Oil headed for a second weekly gain — after surging by more than 3% on Thursday — as Israel readied plans to retaliate against Iran, raising the specter of disruptions to crude supplies from the Middle East.
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West Texas Intermediate steadied near $76 a barrel, on course for a increase of almost 2% this week, while Brent settled at above $79. Israeli Prime Minister Benjamin Netanyahu’s security cabinet met on Thursday to discuss how and when the country was going to respond to Iran’s recent missile attack.
The global crude market has zeroed in on potential supply risks this month following the latest escalation in Middle East tensions. While US President Joe Biden has counseled against an attack on energy facilities in the third-largest OPEC producer, the possibility remains, putting investors on edge.
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