Crude Oil is trading slightly higher today in the Asian session above the $86 level.
On Friday, oil prices continued their upward trajectory, marking a second consecutive week of gains. This rise was underpinned by escalating geopolitical tensions in both Europe and the Middle East, alongside concerns regarding tightening supply and a positive outlook on global fuel demand growth amid economic recovery.
Brent and WTI crude are poised to record gains of over 4 percent this week, reflecting their second consecutive weekly climb. The increase comes in the wake of Iran, the third-largest OPEC producer, vowing retaliation against Israel for an attack that resulted in the death of high-ranking Iranian military personnel.
Additionally, ongoing drone attacks by Ukraine on refineries in Russia have reportedly disrupted more than 15 percent of Russian capacity, as stated by a NATO official on Thursday, impacting the country's fuel production.
