Tehran, Oct 2 (Alliance News): Fears of oil supply disruptions in the Middle East have driven the price of US West Texas Intermediate (WTI) crude futures up by 1.56%, reaching $70.92 per barrel after Iran launched hundreds of ballistic missiles at Israel.
The international oil market reacted sharply to rising geopolitical tensions after Iran retaliated against Israel’s military campaign by firing ballistic missiles, causing concerns over potential disruptions in the global oil supply.
WTI crude futures saw a price increase of $1.09, while Brent futures jumped by 2.6%, or $1.86, closing at $73.56 per barrel.
Experts point out that Iran, one of the world’s key oil producers, plays a crucial role in global energy supply. The conflict raises significant concerns about the stability of oil flow, particularly given Iran’s involvement in the escalating Israel-Hezbollah tensions in Lebanon.
The recent spike in oil prices follows reports that Iran’s oil production reached a six-year high in August, producing 3.7 million barrels per day.
In response to the missile attack, Israeli Prime Minister Benjamin Netanyahu vowed that Iran would face repercussions, while Iran’s Supreme Leader Ayatollah Khamenei warned of catastrophic consequences if Israel retaliates.
