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WTI and Brent Have Massive Gains This Week After US-Iran Tension

2024-12-16OANDAOANDA
Brent crude was up $0.69, or 1.07%, at $65.14 a barrel at 1210 GMT. The global benchmark jumped 4.3% on Thursday and is on course for its first weekly gain in five weeks. U.S. West Texas Intermediate crude was up 24 cents, or 0.42%, at $57.31 a barrel. The U.S. benchmark surged 5.4% on Thursday […]

Brent crude was up $0.69, or 1.07%, at $65.14 a barrel at 1210 GMT. The global benchmark jumped 4.3% on Thursday and is on course for its first weekly gain in five weeks.

U.S. West Texas Intermediate crude was up 24 cents, or 0.42%, at $57.31 a barrel. The U.S. benchmark surged 5.4% on Thursday and is on track for a more than 9% increase this week.


West Texas Intermediate graph

“Crude prices are spiking on increased Middle East tensions after Iran shot down a U.S. drone in what the U.S. claims is international airspace,” said Jefferies analyst Jason Gammel.

Iran said it shot the drone over its territory.


Brent crude graph

Iranian officials told Reuters on Friday that Tehran had received a message from U.S. President Donald Trump through Oman overnight warning that a U.S. attack on Iran was imminent.

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