Oil prices extend gains
Oil prices extend gains
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NewsTranscript
00:00Oil prices rose with Brent crude nearing to $80 following last week's sharpest increase.
00:06Brent crude climbed 1.7% to $79.35 per barrel, and U.S. WTI crude rose 1.9% to $75.78 a barrel.
00:18The gains are driven by fears of escalating conflict in the Middle East, particularly
00:23following Iran's missile attack on Israel and possible Israeli strikes on Iranian oil
00:28infrastructure.
00:30Despite these tensions, ANZ researchers believe the immediate impact on oil supply will be
00:36limited, citing OPEC's significant shared spare capacity.