Oil Prices Surge Over 4% Following Iranian Attack

Ale wysad.

Oil prices significantly strengthened during Tuesday’s session amid fears of a major military escalation in the Middle East after Iran launched missiles toward Israel.

Brent crude futures for December—the most actively traded contract—rose by 4.25%, or $3.06, reaching $74.76 per barrel at 7:42 PM Mecca time. Meanwhile, U.S. West Texas Intermediate (WTI) crude for November delivery increased by 4.55%, or $3.10, to $71.27 per barrel.

Reuters reported that the Israeli army confirmed Iran had indeed launched several missiles, with sirens sounding in Tel Aviv shortly after a U.S. warning of a potential attack.

Earlier today, a U.S. official stated that the United States believes Iran is preparing to launch an imminent attack against Israel using ballistic missiles, threatening severe consequences if the attack occurs, according to the Financial Times.

On a separate note, a source familiar with the matter told Reuters, “Although the oil market situation is somewhat complicated, I do not expect any new decisions or changes to the ‘OPEC+’ agreement during Wednesday’s meeting.”