Middle East Tensions Ignite Oil Price Surge
Oil prices surged nearly 7% due to escalating Middle East tensions. Israel's strikes on Iran heightened fears of disrupted oil supplies, driving crude prices to multi-month highs. The Strait of Hormuz, a vital oil conduit, remains unaffected. Market analysts predict limited long-term impact, barring escalation to broader conflict.
In a dramatic turn of events, oil prices soared close to 7% on Friday, reaching multi-month highs, after Israel launched military strikes against Iran. The attacks have prompted a retaliatory stance from Tehran, raising concerns about a potential disruption in Middle East oil supplies.
Brent crude futures saw a sharp rise of $4.57, reaching $73.93 per barrel, while U.S. West Texas Intermediate crude increased by $4.53 to $72.57 per barrel. This surge marks the most significant intraday gain since 2022 when Russia invaded Ukraine, sparking global energy price spikes.
Despite initial fears, key energy installations and the crucial Strait of Hormuz remain unscathed. Analysts caution that unless the conflict escalates significantly, particularly involving other nations, the risk to oil supply should remain minimal. However, uncertainties persist amid increased geopolitical tensions.
(With inputs from agencies.)
ALSO READ
Tensions Rise as Former Economy Minister Suggests Control Over Strait of Hormuz
Fire and Interference: Oil Tankers Collide Near Strait of Hormuz Amid Iran-Israel Tensions
Navigational Misjudgement Sparks Tanker Collision Near Strait of Hormuz
Tensions Surge as Israel Strikes Iran and Strait of Hormuz Threat Looms
Tension at Sea: Oil Tankers Collide Near Strait of Hormuz Amid Conflict
Google News