WTI crude futures stabilized above $83 per barrel on Friday, recovering from earlier losses, after Iran downplayed Israel’s attack on its soil, mentioning it has no plan for retaliation. In a retaliatory move, Israel launched a strike early on Friday, leading to Iran’s air defense system intercepting three drones over the city of Isfahan. Traders had been on edge awaiting Israel's response to last weekend's aggression, with tensions further fueled by Iran's warnings against attacks on its nuclear sites. Additionally, the United States imposed new sanctions on Thursday targeting 16 individuals and two entities linked to Iran's drone program. This action is part of the U.S.'s efforts to retaliate against Iran for its recent attack on Israel. The EU is also contemplating new restrictions on Iranian oil. Brent crude oil is down around 4% for the week, following a 0.7% drop in the previous period.
Crude Oil increased 11.63 USD/BBL or 16.23% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on April 19 of 2024.
Crude Oil increased 11.63 USD/BBL or 16.23% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 86.36 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 91.86 in 12 months time.