Oil prices rose again on news from the Middle East

Oil rose significantly on Friday amid news from the Middle East, reaching $89.90 per barrel. 

The daily maximum of Brent crude oil reached the level of $89.94 per barrel. North American WTI crude oil rose to $86.83 per barrel. 

The growth driver was the publication of the Israel Defense Forces in the social network X (formerly Twitter) that citizens of the northern part of Gaza should move to the south of the enclave for their own safety. According to the UN, the Israeli side demands the relocation of approximately 1.1 million Palestinians to the southern part of Gaza in the next 24 hours.

At the same time, analysts doubt the implementation of such a mass resettlement and assume a possible invasion of Israeli troops in Gaza.

Meanwhile, the International Energy Agency (IEA) has adjusted its forecast for global oil demand for 2023. Now it is expected that demand will increase by 2.254 million barrels per day, and not by 2.243 million b/d, as previously stated. OPEC, in turn, forecasts an increase in oil demand to 2.44 million b/d in 2023 and 2.25 million b/d in 2024.