Oil ticks up as Middle East tensions persist

The Wall Street Journal – Brent crude oil is up 0.8% at $66.52 a barrel and WTI futures are up 0.6% at $51.43 a barrel after Brent closed out its strongest year since 2016.

DNB Markets’ Helge Martinsen cites Thursday’s gains as coming after a rise in geopolitical tension in the Middle East over the holiday period, with U.S. airstrikes prompting angry protests at the embassy in Iraq, and protests disrupting an oilfield in the country.

With those U.S. strikes coming against Iran-backed militia, heightened regional tensions “may introduce a certain geopolitical risk moving forwards,” JBC Energy says.

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