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Oil prices surge 8% as Israel strikes Iran in major escalation
Oil prices jumped over 8% Thursday night following Israel’s military strikes on Iran, marking a significant escalation in the Middle East conflict. West Texas Intermediate ( CL=F) rose to nearly $74 while Brent ( BZ=F ), the international benchmark, jumped above $75 per barrel in the aftermath of the attack.
The Iraqi foreign minister warned on Saturday that the Strait of Hormuz might be closed due to the Israel-Iran confrontation.
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Crude Prices Surge on Security Risks in IraqWednesday closed up +3.17 (+4.88%), and July RBOB gasoline (RBN25) closed up +0.0788 (+3.77%). Crude oil and gasoline prices ...
Tensions at the Strait of Hormuz risk 20M bpd in crude oil flow, fueling a sharp rally in oil futures and boosting market ...
a vital shipping route for oil, is located near this region. Although the price spike initially seemed to reflect these geopolitical risks, analysts believed the surge might have been overdone.
Oil prices jumped more than 10% Thursday night after ... Exporting Countries (OPEC), trailing only Saudi Arabia and Iraq, with output exceeding 3 million barrels per day. “The most immediate ...
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