Oil Rises to $85 in Rally Driven by OPEC, Geopolitical Risks

Israeli airstrike on Iran’s embassy in Syria stokes tensions
OPEC expected to affirm current production cuts this week

Oil Rises to Five-Month High as OPEC Decision Looms

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By Julia Fanzeres

April 1, 2024 at 11:26 PM UTC

Updated on

April 2, 2024 at 7:14 PM UTC

This article is for subscribers only.

US crude futures pierced $85 for the first time since October, the latest milestone in a rally driven by OPEC+ production cuts, strong demand and heightened geopolitical risks.

Oil has jumped this week as tensions rise in the Middle East, with Iran vowing revenge on Israel for an airstrike on its embassy in Syria that killed a top military commander.