Oil prices have seen a considerable increase as the weekend approaches, with the Brent spot price climbing to $73.1 per barrel, marking an over three percent rise for the day. This surge reflects a market responding to geopolitical tensions, particularly concerning Iran, which has been on the radar of analysts as a significant factor influencing pricing. Observers have noted that the price reached its highest level since June of last year, indicating an underlying volatility in the global oil market.

Analysts from SEB have indicated that the market is characterized by nervousness, particularly due to recent developments related to Iran. There are growing concerns about potential military actions involving the United States, which has recently repositioned substantial military resources in the Middle East amid ongoing discussions regarding an atomic agreement with Iran. Despite the dialogue, reports suggest no significant progress was made during negotiations held on Thursday, and further discussions are scheduled to resume in Vienna on Monday, adding to the uncertainty in oil pricing.

The impact of these geopolitical tensions extends beyond oil, as European gas prices have also risen by more than two percent, highlighting a broader trend of increasing energy prices. With fears of escalation in the Middle East, the market remains watchful for any developments that could further influence supply and pricing dynamics. This scenario underscores the interconnectedness of geopolitical developments and energy markets, prompting traders to closely monitor the situation in the coming days.