Oil Prices May Touch $80 Amid Geopolitical Conflicts

Analysts expected the price of a barrel of oil to jump to $ 80 if the escalation of geopolitical tensions disrupted the supply of crude.

The crude prices could rise to $ 80 a barrel if political tensions escalate in the Middle East and spread across oil producing countries.

Political tensions caused by the US air raid that killed key Iranian military personnel pushed crude prices for gains of about 4 percent.

According to the analysts, medium-to-low conflicts between the United States and Iran are expected to last for at least a month and are likely to be confined to Iraq.

By today's mid trading, the price of Brent crude for March delivery increased by 3.7 percent to record $68.71 dollars a barrel, the highest level in 7 months

Oil stocks fell in the United States by about 11.5 million barrels during the past week, more than analysts expected, while gasoline stocks rose by 3.2 million barrels.

The United States oil production remained at a record high of 12.900 million barrels per day during the past week.

On its part, Baker Hughes Company revealed that the number of oil exploration platforms in the United States decreased by 7 platforms for the second week in a row.

Upon settlement, the price of US NYMEX crude for February delivery rose 3.1 percent to $ 63.05 a barrel, the highest level since May.

Meantime, Brent crude for March delivery jumped 3.5 percent at $ 68.60 a barrel by the end of Friday's trading.