Oil is moderately adjusted after a sharp rise the day before

On Thursday morning, oil prices are moderately declining after a significant rise the day before, caused by fears of a possible Iranian strike on Israel.

The current price of Brent oil is $90.10 per barrel, while yesterday the asset rose in price to the level of $ 90.85. North American WTI crude is trading near $85.70 after rising to $86.55 per barrel. 

The United States and its allies fear possible attacks by Iran on government and military facilities in Israel in response to the attack on the Iranian embassy in Syria.

However, the rise in oil prices is being held back by optimism about the possible achievement of a truce between Israel and Hamas. Jerusalem has announced progress in ceasefire talks, although Hamas denies this.

Analysts note that tensions between Israel and Hamas remain high, and despite the proximity of the parties to the truce talks, there is a risk of further escalation of the conflict and its spread to other countries in the region.

Yesterday, the market was supported by data from the US Department of Energy on crude oil reserves in the country. Commercial stocks increased by 5.84 million barrels last week, reaching the highest level since July last year – 457.26 million barrels. Gasoline reserves increased by 715 thousand barrels, and distillates – by 1.66 million barrels.

Analysts expected an increase in oil reserves by 2.9 million barrels, as well as a decrease in gasoline and distillate stocks by 1.4 million barrels each.