Oil rebounds as Mideast tensions persist, but set for weekly loss
SINGAPORE -Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer U.S. interest rate cuts this year.futures climbed 51 cents, or 0.57%, to $90.25 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.72%, to $85.63.
Israel has not said it was responsible but Iran's supreme leader, Ayatollah Ali Khamenei, said on Wednesday Israel"must be punished and it shall be" for the attack. "The geopolitical risks remain elevated," ANZ Research said in a note, adding that oil prices have jumped almost 19% also supported by improving economic conditions and supply cuts by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+.
However in the U.S., Federal Reserve officials signalled on Thursday that there was no rush to cut interest rates as sticky U.S. inflation remains a concern.
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