Crude Oil Prices Soar Over $4 to Five-Month High After Israel Strikes Iran
Crude oil prices jumped more than $4 a barrel today, reaching their highest level in nearly five months after Israel carried out airstrikes on Iran, escalating tensions across West Asia. The geopolitical unrest has raised serious concerns about potential disruptions in oil supplies, pushing global crude benchmarks sharply higher.
Brent and WTI Surge Amid Supply Fears
Brent Crude rose by over 5.3%, trading at $73.05 per barrel, after touching an intraday high of $78.50, the highest since January 27. Simultaneously, West Texas Intermediate (WTI) Crude spiked by 5.4%, trading at $71.71 per barrel, with an intraday peak of $77.62, according to the latest reports.
Market Jitters Over Middle East Unrest
Traders reacted swiftly to the news of the Israeli strikes, fearing a possible retaliation from Iran that could disrupt oil production or transport through the Strait of Hormuz, a critical chokepoint for global energy shipments.
The price rally reflects heightened market volatility as global oil buyers prepare for potential fallout from the worsening regional crisis.
Broader Implications
This sharp increase in oil prices comes amid broader economic concerns, including inflationary pressures and global energy stability. Analysts say that if the conflict continues to escalate, oil prices may surge further, affecting energy costs worldwide.
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