Oil rises as tension in the Middle East mounts

Tokyo — Oil prices rose again on Friday and were on track for the first weekly gains in May, as rising tensions in the Middle East stoked fears of supply disruptions.

US West Texas Intermediate crude futures were at $63.32 per barrel, up 4c, or 0.7%. WTI was also up for a fourth day and was headed for a weekly gain of 2.7%, the first rise in four weeks. Earlier this week, staff were evacuated from the US embassy in Baghdad, while US President Donald Trump ordered the deployment of an aircraft carrier group, B-52 bombers and Patriot missiles to the Middle East.

“There are lots of supply risks with tensions this high,” he said, adding prices could test 2019 highs reached in April.

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