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Oil price rises set to record more than 7% weekly jump from Investing.com



© Reuters.

Investing.com – Oil prices rose on Friday and in Asia and are expected to record profits of more than 7% a week after a drone attack on Saudi Arabia's main oil rigs last weekend, escalating tensions in the Middle East.

The attack happened on Saturday and destroyed nearly half of Saudi Arabia's production.

The United States and Saudi Arabia have blamed Iran for the attack, but Tehran has denied any involvement.

Iranian Foreign Minister Mohammad Javad Zarif has suggested that attacks on Saudi oil targets are an "act of war" could be aimed at US fraud President Donald Trump in the war against Tehran.

His comments came after Trump reportedly ordered the US Treasury Department to "significantly increase sanctions" on Tehran.

Concerns about the interruption of oil supplies outside Saudi Arabia remained after the Kingdom requested Iraq for 20 million barrels of raw material to supply inland refineries. The news adds doubts about whether Saudi Arabia will be able to return in full this month.

Earlier this week, Saudi Arabia said production would return to normal levels in two to three weeks, which means restoring production to about 1

0 million barrels per day.

The US gained 0.9% to $ 58.69 by 12:21 PM ET (04:21 GMT). International trade is trading 0.3% to $ 64.62.

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