Crude oil prices opened with further gains on Friday, as tension in the Middle East region continues to escalate after Saudi Vice Minister of Defense Khalid bin Salman said on Twitter that Iran ordered the Yemeni rebel group Houthi's drone attack on oil-pumping stations on Tuesday.
International benchmark Brent crude was trading at $73.13 a barrel at 1146 GMT on Friday, while American benchmark West Texas Intermediate (WTI) was at $63.46 a barrel.
Oil prices opened Monday with gains as trade dispute between the world's two largest economies, the U.S. and China, continues to threaten global oil demand. Brent crude saw $72.92 per barrel, while WTI's marked its highest level at $63.31 a barrel.
On Tuesday, crude oil prices started on a higher note, but retreated from the previous day's high levels, as the escalation in Sino-U.S. trade tensions cast a shadow on global oil demand.
Oil prices opened steady on Wednesday, amid a drone attack on two Saudi oil-pumping stations, which is strategic for the transfer of oil through East-West pipeline. The attack provoked concerns over crude supply from the region, but the souring trade negotiations between the U.S. and China kept global oil demand under threat.
On Thursday, crude oil prices continued to rise, as the tension in the Middle East continued to stoke fears of possible supply disruptions in the region, following the attack on Saudi oil-pumping stations and tankers. Brent crude saw its the highest level of the week with $73.59, while WTI saw $63.51.
In addition to the tension on the supply side, prices also remained high on Friday ahead of the OPEC and non-OPEC meeting this weekend where the future of the supply reduction pact will be discussed.
By Firdevs Yuksel