Oil prices jumped about 4 percent on Tuesday after Iran fired ballistic missiles, according to Reuters.
Brent, the international oil benchmark, rose about 5% to hover steadily above $75 a barrel. Specifically, it rose $2.51, or 3.5%, to $74.21 a barrel by 1:52 p.m. EDT (1752 GMT), while U.S. West Texas Intermediate (WTI) crude was up $2.41, or 3.5%, at $70.58.
According to Imerisia, oil prices that had increased by more than 4% before the announcement of the attack continued to strengthen after it, with their gains exceeding 5%.
“Jerusalem will not hesitate to expand its military offensive to hit Iran directly. And Iran’s oil assets are very likely to be on the target list,” Clay Siegel, an independent political risk strategist, said in an email.
An Israeli attack on Iranian oil production or export facilities could cause a significant disruption, potentially more than a million barrels per day, Siegel said.
In the Red Sea, meanwhile, the Houthis in Yemen claimed responsibility for an attack on at least one of two ships damaged off the port of Hodeidah.
US oil reserves
Weekly data on US oil inventories is expected from the American Petroleum Institute trade group later on Tuesday and from the EIA on Wednesday.
Analysts had forecast that U.S. energy companies pulled about 2.1 million barrels of crude from storage during the week ended Sept. 27. ,
If correct, this would be the third draw in a row and would compare with a draw of 2.2 million barrels during the same week last year and an average increase of 400,000 barrels over the previous five years (2019-2023).
Read also:
On the brink of regional war: Hundreds of ballistic missiles from Iran to Israel – Reports of explosions in Tel Aviv and Jerusalem (Live)
Gaza: ‘A War on Women’s Health’ – Revealing UN Report
US: Sanctions against ‘extremist Israeli settlers’ accused of killing Palestinians
#Oil #prices #jump #Irans #missile #attack #Israel
