By Zeynep Beyza Kilic
Oil prices declined on Friday as low demand in the US, the world's biggest oil consumer, offset the threat of Israel's possible attack on Iran's energy infrastructure.
International benchmark Brent crude fell by 0.88% to $78.70 per barrel at 11.13 a.m. local time (0813 GMT), down from the previous session's close of $79.4.
US benchmark West Texas Intermediate (WTI) declined by 0.82% to $75.23 per barrel after closing at $75.85 in the prior session.
Economic data announced in the US on Thursday pushed prices lower. Experts say there might be a change in the US Federal Reserve's (Fed) rate reduction policy after the inflation rate announced in the US was above expectations.
The Consumer Price Index (CPI) increased above expectations with 0.2% on a monthly basis and 2.4% on an annual basis in September.
In addition, the number of people applying for unemployment benefits for the first time in the US increased to 258,000 in the week ending Oct. 5, exceeding market expectations.
Analysts noted that Hurricane Helene and the worker strikes from last week may have been partially effective in the increase in unemployment benefit applications.
Experts say Hurricane Milton which hit Florida as a category 3 storm may also affect employment data in the coming weeks.
Also, in China, the world's biggest oil importer, experts forecast a surge in oil demand following new incentives to stimulate the economy.
The government is expected to announce more fiscal stimulus plans over the weekend to support the country's economy.
Meanwhile, according to Israeli media reports, Israeli Prime Minister Benjamin Netanyahu and US President Joe Biden discussed Israel's possible retaliation against Iran during a phone call on Oct. 9.
The news story on Walla News claimed Netanyahu and Biden are close to agreement on the scope of Tel Aviv's possible attack plan.
Iran launched a missile attack on Israel on October 1. The Tel Aviv administration had announced that Israel would respond to this attack.