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• WTI price gained ground due to rising geopolitical tensions amid reports that Iran may attack Israel.
• Israeli intelligence believes Iran intends to launch numerous drones and ballistic missiles before the US presidential election.
• US Oil production increased by 1.5% in August, reaching a monthly record high of 13.4 million barrels per day.

West Texas Intermediate (WTI) Oil price holds steady on Friday during Asian trading hours, around $70.20 per barrel, following gains in the previous session. Crude Oil prices were bolstered by rising geopolitical tensions amid reports that Iran may be planning a retaliatory strike on Israel from Iraqi territory in the near future.

According to a Reuters report citing Axios, two unnamed Israeli sources revealed that Israeli intelligence believes Iran intends to launch an attack from Iraq, potentially involving numerous drones and ballistic missiles, possibly before the US presidential election on November 5.

Furthermore, the OPEC+ coalition, which comprises the Organization of the Petroleum Exporting Countries and its allies, including Russia, may delay its planned output increase for December by at least a month amid concerns over weak oil demand and rising supply.

Originally, the group had aimed to boost production by 180,000 barrels per day (bpd) in December, but this increase was previously postponed from October due to falling prices, according to four sources familiar with the situation, as reported by Reuters on Wednesday.

US Oil production increased by 1.5% in August, reaching a monthly record high of 13.4 million barrels per day (bpd), according to the US Energy Information Administration's (EIA) latest Oil and natural gas production report. This figure surpasses the previous record of 13.31 million bpd set in December 2023. In major Oil-producing states, Texas saw a 1.7% rise in output to a record 5.82 million bpd, while New Mexico's production climbed 2.8%, reaching a record 2.09 million bpd.

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