West Texas Intermediate (WTI) crude climbed over 5%, exceeding $71 per barrel after an earlier decline of 2.7%. Meanwhile, Brent crude, the international benchmark, rose above $75 per barrel.
Crude oil prices surged by 5% on Tuesday following Iran’s missile strikes on Israel, sparking concerns of a potential regional conflict in the Middle East.
West Texas Intermediate (WTI) crude climbed over 5%, exceeding $71 per barrel after an earlier decline of 2.7%.
Meanwhile, Brent crude, the international benchmark, rose above $75 per barrel. Iran’s involvement, as an OPEC member and a significant regional player, intensified worries about possible disruptions to oil supplies from a region that accounts for nearly a third of global crude production, Business Today reported.
According to the Islamic Republic News Agency, Iran’s Islamic Revolutionary Guard Corps launched numerous missiles targeting military sites in Israel.
In response, the Israel Defense Forces (IDF) executed numerous interceptions, as reported by military spokesman Daniel Hagari. The IDF is currently evaluating the situation and has not confirmed any casualties. Additionally, Hagari stated that people may now leave shelters, as the IDF has not detected any further aerial threats from Iran.
