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Showing posts with label oil. Show all posts

Monday, April 15, 2024

Oil Prices Surge Amid Tensions: Iran’s Attack on Israel Sparks Concerns Around the UK Economy

As we start the week, oil prices are expected to rise due to recent events in the Middle East. Here’s what happened:

Iran’s Move: Iran launched over 300 drones and missiles at Israel from its own territory. The Israeli Defense Forces managed to repel most of them with help from the U.S., France, Jordan, and the United Kingdom. Only a few missiles and drones caused minor damage at the Nevatim Airbase in Israel.
First-Ever Strikes: Surprisingly, this is the first time Iran has directly attacked Israel, despite decades of tension between the two countries. Just weeks ago, Iran blamed Israel for an attack on its consulate in Syria, which resulted in the death of a top commander from the Iranian Revolutionary Guard Corps’ overseas Quds Force.
Oil Prices React: Worries about further conflict led to a surge in oil prices. The global benchmark Brent crude oil reached $92.18 a barrel on Friday, the highest since October. U.S. West Texas Intermediate crude futures also rose, settling at $85.66 a barrel.

As tensions remain high, the world watches closely. The impact on oil prices could have broader implications.

Sarnia de la Maré FRSA