U.S. oil touches $87, on pace for weekly gain as Israel closes embassies over Iran threats

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U.S. oil touches $87, on pace for weekly gain as Israel closes embassies over Iran threats
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Israel has closed 28 embassies around the world due amid fears of retaliatory strikes from Iran, according to multiple reports in Israeli media.

People walk past a graffiti, depicting a Houthi fighter stopping an Israeli ship off the coast of Yemen, painted on a wall of the Saudi embassy in Sanaa, Yemen February 15, 2024.Oil prices are on pace for a weekly gain as tensions boil in the Middle East with Israel closing embassies over threats from Iran.June contract gained 56 cents to $91.21 a barrel. U.S. crude is up 4.6% for the week while the global benchmark has added 4.3%.

Tamas Varga, analyst with oil broker PVM, said the geopolitical temperature has climbed to levels not seen since the Oct. 7 Hamas attack on Israeli civilians.

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