Oil Prices Set For A Weekly Gain As The War Premium Returns

Crude oil prices started trade today with a gain that could extend a winning streak that began last week. At the time of writing, Brent crude was trading at $93 per barrel, with WTI at over $90. The war premium that emerged when Hamas attacked Israel earlier this month is still very much present, with the added bullish news that the U.S. Department of Energy is seeking to buy 6 million barrels of crude for the strategic petroleum reserve. “The risk premium in crude has shot up again,” Vandana Hari, founder of consultancy Vanda Insights,…