Oil prices soar after Israel attacks Iran

Oil prices rose by 14% today following Israel's attack on Iran, erasing the falls of recent weeks, with the market affected by possible issues surrounding supply.

According to Bloomberg, this increase shows the fears that a wider war could have on a region that represents a third of the world's crude oil production.

U.S. benchmark West Texas Intermediate (WTI) crude futures surged above $77 a barrel, the biggest intraday jump since May 2020, before paring gains to trade near $73 a barrel.

The price of European natural gas - one of the Middle East's main exports - has also risen and the search for a safe haven has pushed gold closer to a record high.

Oil's rapid rise erased losses accumulated during the year, which had been driven by global trade tensions and an acceleration in OPEC+ production.

JPMorgan recently warned that prices could hit $130 per barrel if flows through the Strait of Hormuz are blocked or a wider conflict in the Middle East occurs, according to Bloomberg.

The Strait of Hormuz is a waterway in the Persian Gulf through which much of the world's oil trade passes. Over the years, Iran has repeatedly targeted merchant ships passing through the chokepoint, and has even threatened to block the strait in the past.

Israel began a military offensive against Iran early today with bombings of military and nuclear facilities that killed several senior Iranian officials, as well as scientists and other civilians.

The night attacks, carried out by 200 planes against a hundred targets, mainly hit Tehran (north) and the Natanz uranium enrichment plant (center).

The Israeli government has said the military operation will continue and Iranian authorities have promised an unrestricted response to Israeli attacks.

Oil prices rose by 14% today following Israel's attack on Iran, erasing the falls of recent weeks, with the market affected by possible issues surrounding supply.

According to Bloomberg, this increase shows the fears that a wider war could have on a region that represents a third of the world's crude oil production.

U.S. benchmark West Texas Intermediate (WTI) crude futures surged above $77 a barrel, the biggest intraday jump since May 2020, before paring gains to trade near $73 a barrel.

The price of European natural gas - one of the Middle East's main exports - has also risen and the search for a safe haven has pushed gold closer to a record high.

Oil's rapid rise erased losses accumulated during the year, which had been driven by global trade tensions and an acceleration in OPEC+ production.

JPMorgan recently warned that prices could hit $130 per barrel if flows through the Strait of Hormuz are blocked or a wider conflict in the Middle East occurs, according to Bloomberg.

The Strait of Hormuz is a waterway in the Persian Gulf through which much of the world's oil trade passes. Over the years, Iran has repeatedly targeted merchant ships passing through the chokepoint, and has even threatened to block the strait in the past.

Israel began a military offensive against Iran early today with bombings of military and nuclear facilities that killed several senior Iranian officials, as well as scientists and other civilians.

The night attacks, carried out by 200 planes against a hundred targets, mainly hit Tehran (north) and the Natanz uranium enrichment plant (center).

The Israeli government has said the military operation will continue and Iranian authorities have promised an unrestricted response to Israeli attacks.

Oil prices rose by 14% today following Israel's attack on Iran, erasing the falls of recent weeks, with the market affected by possible issues surrounding supply.

According to Bloomberg, this increase shows the fears that a wider war could have on a region that represents a third of the world's crude oil production.

U.S. benchmark West Texas Intermediate (WTI) crude futures surged above $77 a barrel, the biggest intraday jump since May 2020, before paring gains to trade near $73 a barrel.

The price of European natural gas - one of the Middle East's main exports - has also risen and the search for a safe haven has pushed gold closer to a record high.

Oil's rapid rise erased losses accumulated during the year, which had been driven by global trade tensions and an acceleration in OPEC+ production.

JPMorgan recently warned that prices could hit $130 per barrel if flows through the Strait of Hormuz are blocked or a wider conflict in the Middle East occurs, according to Bloomberg.

The Strait of Hormuz is a waterway in the Persian Gulf through which much of the world's oil trade passes. Over the years, Iran has repeatedly targeted merchant ships passing through the chokepoint, and has even threatened to block the strait in the past.

Israel began a military offensive against Iran early today with bombings of military and nuclear facilities that killed several senior Iranian officials, as well as scientists and other civilians.

The night attacks, carried out by 200 planes against a hundred targets, mainly hit Tehran (north) and the Natanz uranium enrichment plant (center).

The Israeli government has said the military operation will continue and Iranian authorities have promised an unrestricted response to Israeli attacks.