Brent up $2/bbl as Iran plans retaliation against Israel

Front-month ICE Brent has traded up by $2.01/bbl on the day to stand at $74.66/bbl at 09.00 GMT today. But Brent is set to finish the week $1/bbl lower than the last.

PHOTO: Getty Images

Upward pressure:

Iran could hit Israel in retaliation for striking it, Axios reports. This could stoke renewed supply fears into market participants.

OPEC+ may not expand oil supply in December as planned. Weak demand has given grounds for holding back. A decision on this is expected next week.

Downward pressure:

US oil production hit a record high of 13.4 million b/d in August, erasing a previous 13.3 million b/d record.

By Erik Hoffmann

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