Baghdad: Oil prices increased in early trading on Saturday following reports suggesting that Iran is preparing to launch a strike in response to Israel. However, record US production levels have impacted prices, leading to weekly losses.

According to National Iraqi News Agency, Brent crude futures saw an increase of 29 cents, or 0.4%, closing at $73.10 per barrel. Similarly, West Texas Intermediate US crude futures rose by 23 cents, or 0.3%, settling at $69.49 per barrel. Despite these increases, Brent experienced a 3.4% decline over the week, while Nymex dropped by 3.2%. Both crudes had recorded monthly gains of 2% in October.

The US Energy Information Administration reported in its monthly release last week that oil production in the United States had risen by 1.5% to a record monthly level of 13.4 million barrels per day in August, an increase from 13.2 million barrels per day in July. This rise in production contributed to the overall decline in oil prices over the past week.