Geopolitical tensions bolster oil prices, as they trend towards their first weekly gain in three weeks.
Oil prices rose during trading on Friday, continuing their gains for the third consecutive session, supported by increasing concerns over escalating geopolitical tensions and the potential impact on global supplies.
Markets are heading towards recording their first weekly gain in three weeks, amid growing worries about a possible confrontation between the United States and Iran, after Washington warned of negative consequences for Tehran if no agreement is reached regarding its nuclear program within a few days.
U.S. President Donald Trump stated that “very bad things” could happen if Iran does not reach a deal concerning its nuclear program, which Tehran claims is peaceful, while the U.S. views it as having military dimensions, specifying a timeframe of 10 to 15 days to reach an understanding.
Oil prices had closed trading on Thursday up nearly 2 percent, marking the second consecutive session of gains, amidst rising concerns that supplies could be disrupted if geopolitical tensions worsen.
