Oil price continues rise due to Mideast military escalation

Oil price has continued its increase due to the ongoing military escalation in the Middle East region and concerns over the Israeli occupation's possible attacks on Iran's oil facilities. Crude price rose by five percent on Thursday on one day, while Brent oil price was about USD 78 per barrel. Earlier the OPEC+ alliance affirmed keenness on ensuring market's stability and ways to prevent potential supply shortages. West Texas Intermediate Crude Oil price approaches USD 74 per barrel, and the crude oil rose by eight percent this week, the largest rise since early 2023. Global oil markets are keeping eyes on Israel's predictable retaliation for Iran's intensive shelling of Israeli occupation military facilities and bases. According to several observers, any step seeks to target oil industry in Iran, an OPEC member, will lead to the reduction of at least 1.5 million barrels of Iran's daily output. However, the price of OPEC oil basket increased slightly from USD 74.62 per barrel to 74.90, according to OPE C Secretariat calculations on Thursday. Meanwhile, observers said that U.S President Joe Biden's statement in which he opposed openly shelling Iran's oil facilities, and also the opposition of the G-7 to the same step, contributed to relatively calming down the situation. In a statement last Wednesday following its ministerial committee tasked with overseeing output, the OPEC+ alliance declared that it is studying oil markets' situation to meet full compliance with production quotas. The alliance added that it would continue to observe additional voluntary output updates declared by some OPEC+ members, in accordance with the deal agreed upon during the 52nd ministerial meeting held on February 1, 2024. Source: Kuwait News Agency