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The highest rise in oil prices in Asia two and a half years ago
Oil prices rose Thursday in Asia, reaching their highest level in two and a half
years due to unrest in Iran and improved activity in the manufacturing sector in the United States.
The price of light sweet crude for February delivery rose 28 cents to 61.91 dollars in electronic trading in Asia. The Brent crude, the European benchmark for delivery in March, gained 12 cents to $ 67.96.
"The geopolitical situation is playing a role again because of the proxy war between Iran and Saudi Arabia in the region," said Greg McKenna, an analyst at the Exeterrer group, which is more concerned with the protest movement in Iran.
He said the Iranian situation could be exacerbated if US President Donald Trump seized the opportunity to "re-impose sanctions on Iran and backtrack on the agreement signed by the previous administration and allow Iran to resume its crude exports." "This will lead to the withdrawal of large amounts of oil from the markets."
Socrates Vijayakar of the Advisory Group, Trivecta Consultants, said the rise in prices could encourage US oil producers to dump markets, which would run counter to efforts by the Organization of Petroleum Exporting Countries (OPEC) to combat over-supply.
Some analysts believe the improved manufacturing activity in the United States in December has spurred prices.
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