Shafaq News/ Oil prices surged on Tuesday amid mounting fears that Iran is preparing to launch a missile attack on Israel. Reports from U.S. officials suggest that an Iranian missile strike is imminent, driving uncertainty across global markets.
West Texas Intermediate (WTI) crude futures rose by 2.92% to $70.16 per barrel, while Brent crude futures gained 2.66% to $73.61 per barrel. The potential for an armed conflict between Iran and Israel has triggered concerns about the stability of oil supplies from the oil-rich Middle East.
The White House has warned Iran of severe consequences if it carries out an attack, while also expressing support for Israel's defense. Tensions between the two nations have escalated following recent Israeli military actions against Hezbollah in southern Lebanon, further heightening fears of a broader regional conflict.
Investors and energy analysts are closely monitoring developments, with some predicting continued price volatility as geopolitical tensions build. If Iran were to follow through with the missile attack, oil prices could spike significantly due to potential supply chain disruptions in an already tight market. The Middle East, particularly the Persian Gulf, remains critical to global energy supplies, and any significant disruption could have far-reaching consequences for the world's energy markets.
In the short term, market reactions are expected to continue fluctuating as traders respond to new developments in the escalating conflict.