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Analyst: Geopolitical situation prompts traders to maintain a risk-off attitude ahead of the weekend.
The uncertainty of the escalating Middle East conflict continues to push up oil prices, despite the slowdown in the gains of WTI and Brent crude. Ritterbusch and Associates said in a report that the possibility of Israeli attacks on Iranian oil infrastructure has made traders averse to risk before the weekend. The agency said, ‘As tension in the Middle East intensifies, Israel may respond to Iran’s missile attacks, and uncertainty has eliminated speculative and Hedging entities’ short positions.’