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'Fruitful' Discussions Between IMF, Egypt

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, United States, September 4, 2018. REUTERS/Yuri Gripas/File Photo
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, United States, September 4, 2018. REUTERS/Yuri Gripas/File Photo
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'Fruitful' Discussions Between IMF, Egypt

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, United States, September 4, 2018. REUTERS/Yuri Gripas/File Photo
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, United States, September 4, 2018. REUTERS/Yuri Gripas/File Photo

The International Monetary Fund’s discussions with Egypt will continue virtually towards starting its first review mission, according to an IMF statement.

Discussion between the IMF and Egypt were "fruitful" in preparation for the review, the statement said Sunday.

The IMF in December approved a $3 billion Extended Fund Facility loan for Egypt.

Disbursements under the 46-month program are subject to eight reviews, the first of which was dated March 15, 2023, in an IMF staff report published in December.

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Oil Prices Jump More than 5% after Israel Strikes Iran

An oil pump is seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 18, 2015. REUTERS/Isaac Urrutia/File Photo
An oil pump is seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 18, 2015. REUTERS/Isaac Urrutia/File Photo
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Oil Prices Jump More than 5% after Israel Strikes Iran

An oil pump is seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 18, 2015. REUTERS/Isaac Urrutia/File Photo
An oil pump is seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 18, 2015. REUTERS/Isaac Urrutia/File Photo

Oil prices jumped more than 5% on Friday to hit the highest in more than two months after Israel said it struck Iran, raising concerns of escalating tensions in the Middle East that could disrupt oil supplies.

Brent crude futures rose $3.91, or 5.64%, to $73.27 a barrel by 0146 GMT, the highest since April 3. US West Texas Intermediate crude was up $4.09, or 6.01%, at $72.13 a barrel, Reuters reported.

Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over US efforts to win Iran's agreement to halt production of material for an atomic bomb.

"The Israeli attack on Iran has heightened the risk premium further," MST Marquee senior energy analyst Saul Kavonic said.

"The conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is actually materially impacted," he said, adding that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz in an extreme scenario.