Oil prices rise again as Mideast conflict adds risk premium amid tight supply

Oil prices rose for a third straight session early on Friday as the war in Israel continues to add a risk premium amid worries over a widening conflict as supplies remain lower than demand for the commodity.

West Texas Intermediate crude oil for November delivery was last seen up $1.09 to $90.46 per barrel.

Escalating tensions in the Middle East, with Israel preparing for a possible ground offensive in Gaza and Iranian-backed militias engaging with Israeli forces, have driven up oil prices. A U.S. naval destroyer also intercepted missiles fired from Yemen. This surge in prices occurs amid ongoing supply constraints from OPEC+ quota reductions and Saudi Arabia's voluntary production cut of 1 million barrels per day. The U.S. eased sanctions on Venezuela due to an election deal with the opposition, potentially adding some supply from the country with significant reserves, although the impact is expected to be limited.

Source: Oil prices rise again as Mideast conflict adds risk premium amid tight supply