Oil Prices Soar Amid Israel-Iran Tensions
Oil prices surged following Israeli attacks on Iranian targets, causing market uncertainty. US benchmark and Brent crude saw significant increases. Investors sought safer assets amid global stock declines. Analysts predict short-term oil price rise due to potential broader conflict impacts. Asian markets expected to recover swiftly.
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Oil prices surged as Israel launched attacks on Iranian nuclear and military sites, sparking fears of an escalating conflict. The US benchmark crude oil rose by 7.3%, while Brent crude increased by 6.67%, reflecting increased risk in the market.
Investors, wary of heightened tensions, flocked to safer assets like the US dollar and government bonds. The European and Asian stock markets mostly saw declines, with the key indexes in Germany, France, Britain, and Asia registering losses.
Richard Joswick from S&P Global Commodity Insights pointed out that historical spats between Iran and Israel have caused brief oil price spikes. Experts warn that any widespread retaliatory actions by Iran could drive up prices further, especially if major oil exports are disrupted.
(With inputs from agencies.)
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