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Oil ticked up on escalated Middle east tensions that shacked the market

By Rana Gharib
19 Apr,2024
Oil ticked up on escalated Middle east tensions that shacked the market

Oil prices jumped on Friday as reports that Israel had attacked Iran roiled markets and sparked concerns that Middle East oil supply could be disrupted.

Oil climbed on Friday as the strike of Israel on Iran spiked market worries that the supply in the Middle East could be edged up by $1.40 at $88.51 per barrel while US WTI advanced by $1.38 to $83.48 per barrel.

According to Reuters, Israel retaliated with a strike on Iran which implies for escalated long run conflict.

Although explosions were reported by Iranian media, an Iranian official informed Reuters that air defence systems were to blame. According to state media, three drones were shot down over the Iranian capital of Isfahan.

Iran sent hundreds of drones and missiles into Syria this weekend in retaliation for what it believed to be an Israeli strike on its embassy compound. With little damage and deaths, the majority of the drones and missiles were shot down before they could enter Israeli land.

 

 

 

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