Oil prices surge amid Iran's attack on Israel
Published: 04:04 PM,Apr 14,2024 | EDITED : 08:04 PM,Apr 14,2024
Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina.__Reuters
London: Oil prices are expected to rise following Iran's attack on Israel, with concerns of further escalation driving market volatility. The attack, a retaliation for a suspected Israeli strike on its consulate in Syria, has raised fears of a wider regional conflict. Last week, Brent crude reached $92.18 a barrel, the highest since October, supported by concerns over potential disruptions in supply from the region. However, the duration of the price surge will depend on Israel and the West's response, as well as developments in the Strait of Hormuz, through which a significant portion of global oil consumption passes daily. Additionally, the Biden administration's stance on Iranian oil exports, ahead of the upcoming presidential election rematch with Donald Trump, adds another layer of uncertainty to the market.__Reuters