Crude oil
However, the current conflict between Tehran and Tel Aviv poses one of the largest geopolitical risks to global oil markets since the start of the Russo-Ukrainian war and the war on Gaza.
The decision comes amid rising global oil prices, compounded by conflicts such as the Gaza war and the Russo-Ukrainian war.
The Egyptian Minister of Petroleum, Tarek El-Molla, witnessed the signing of the agreement along with Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil Company,
The government aims to increase production for the petroleum and mineral resources sector at current prices from 671.5 billion pounds in the previous year to about 790.9 billion pounds.
Brent crude futures surged to $118.22 per barrel in London, the highest level since February 2013.
Government data showed that Egyptian exports of petroleum products rose to more than half a billion dollars in just one month.
The center stated that the report contained the most important indicators that confirm Egypt's trend towards achieving self-sufficiency in petroleum products.
These laws were published in the Egyptian Gazette in its issue on March 2.
Maintenance and repair works started at the petroleum pipeline that witnessed a huge explosion at Ismailia Desert Road on Tuesday.
Additionally, crude oil imports have amounted to $119.93 million in April, compared to $227.33 million in April 2019, with a noticeable decline of about $107.940 million.
West Texas Intermediate crude futures were up 31 cents at $57.93 a barrel by 0829 GMT.
Brent crude futures, the international benchmark for oil prices, were at $69.85 per barrel at 0700 GMT, up 40 cents, or 0.6%, from their last close. Brent fell nearly 1% in the previous session.
Oil steadied on Monday, trading below $69 a barrel, as concern over the U.S.-China trade dispute and global economic outlook offset support from Middle East tensions and supply cuts.
But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown.
U.S. West Texas Intermediate crude futures were down 60 cents at $63.00 per barrel.
Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile reports is due at 2030 GMT from the American Petroleum Institute. [EIA/S]
Brent futures were down 3 cents at $69.28 a barrel by 0603 GMT. Brent fell 6 cents on Wednesday, after touching $69.96, highest since Nov. 12, when it last traded above $70.
Brent futures gained 38 cents, or 0.55 percent, to $69.75 by 0900 GMT. They earlier reached $69.96 - the highest since Nov. 12, when they last traded above $70.
Oil prices dropped on Thursday, extending losses into a second consecutive session, following a surprise build in U.S. crude inventories.
Brent crude oil futures were at $66.73 per barrel at 0752 GMT, down 30 cents, or 0.5 percent, from their last close.
