12:41 - 8.02.2024

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February 8, Fineko/abc.az. Oil prices keep on their three-day rise, bolstered by gains in the broader financial markets and ongoing risks in the Middle East.

ABC.AZ reports that Brent crude was traded above $79 a barrel after growth of 2.4% in the previous three sessions, and futures could potentially make the longest profit since September. WTI was close to $74.

The rally that is taking place in global stocks is helping to bolster appetite for risky assets, including crude oil, although it reduces Federal Reserve’s chances for expected interest rate cuts.

In the Middle East, Iranian-backed Houthi militants continued to launch missile strikes against ships off the coast of Yemen, forcing many tankers to commit sabotage. Elsewhere, the U.S. responded to the deaths of three soldiers by launching an airstrike on a commander of a Tehran-backed militia in Iraq.