Oil prices surge on report of Israeli plans to strike Iran
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Oil prices jumped over 1% on Wednesday after CNN reported that Israel is preparing for a possible strike on Iran’s nuclear facilities. The news raised fears of escalating tensions in the Middle East, a key oil-producing region.
According to U.S. officials cited by CNN, Israeli forces are weighing a targeted operation amid rising concerns over Iran’s nuclear ambitions. The potential for conflict sent ripples through Asian markets and lifted crude prices. Brent crude rose $1.07 to $66.45 per barrel, gaining 1.64%, while U.S. WTI crude climbed $1.08 to $63.11, up 1.74%. July WTI futures were up 1.6% at $63, and North Sea Brent gained 1.5% to $66.37.
The prospect of military action adds a layer of uncertainty to already fragile global energy dynamics. Any disruption to supply routes in the Gulf region could trigger further volatility and price spikes.
Analysts warn that even the threat of conflict is enough to fuel speculative movements in oil markets, as investors brace for possible disruptions in output or exports from the region.
According to U.S. officials cited by CNN, Israeli forces are weighing a targeted operation amid rising concerns over Iran’s nuclear ambitions. The potential for conflict sent ripples through Asian markets and lifted crude prices. Brent crude rose $1.07 to $66.45 per barrel, gaining 1.64%, while U.S. WTI crude climbed $1.08 to $63.11, up 1.74%. July WTI futures were up 1.6% at $63, and North Sea Brent gained 1.5% to $66.37.
The prospect of military action adds a layer of uncertainty to already fragile global energy dynamics. Any disruption to supply routes in the Gulf region could trigger further volatility and price spikes.
Analysts warn that even the threat of conflict is enough to fuel speculative movements in oil markets, as investors brace for possible disruptions in output or exports from the region.