Oil prices jump over 3%, near $90 on reports of explosions in Iran
Investing.com-- Oil prices rose sharply in Asian trade on Friday as tensions in the Middle East came back into focus after Iranian news agencies reported several explosions across the country, indicating potential strikes by Israel.
The location of the explosions- particularly in Isfahan- indicated that Israel may have also targeted Iran's nuclear facilities. UN reports recently showed Iran was enriching uranium up to 60%, which was more than levels required for commercial power generation. But it was also below the 90% enrichment level required for an atomic bomb.But despite Friday’s gains, oil prices were still set to fall over the past seven days., following strong U.S. economic data and warnings from a slew of Fed officials that interest rates will remain higher for longer.
The prospect of higher-for-longer rates factors into fears that global economic growth will be stymied by tight policy, which also bodes poorly for oil demand.Still, bigger losses in crude were limited by the U.S. resuming its oil sanctions against Venezuela, citing a lack of progress towards holding fair elections in the country.Scan QR code to install app
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