403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Oil prices rise due to intensifying conflict in Middle East
(MENAFN) Oil prices continued to rise on Tuesday amid escalating conflict in the Middle East, sparking concerns of a broader regional crisis that could disrupt global oil supply. brent crude rose by 1.31 percent, reaching USD74.17 per barrel by mid-morning, while US benchmark West Texas Intermediate (WTI) increased 1.53 percent, hitting USD71.45 per barrel. Both benchmarks saw gains as fears of supply shortages grew, driven by heightened tensions in one of the world’s most crucial oil-producing regions.
The escalation involves ongoing clashes between Israel and Hezbollah. Israel has launched a series of airstrikes in southern and eastern Lebanon, killing at least 492 people, including 35 children, according to the Lebanese Health Ministry. Over 1,600 people have been injured, with many residents fleeing to nearby areas to seek shelter in mosques and public halls.
In response, Hezbollah fired six missile strikes on military targets in northern Israel, including airfields and an explosives factory. The group claimed these actions were in support of the Palestinian resistance in Gaza and to defend Lebanon from Israeli aggression. These clashes add to the region's already volatile situation, with fears that the conflict could spread further, potentially threatening oil supplies.
Israel’s military strikes on Gaza have been ongoing since October 7, 2023, despite a UN Security Council resolution calling for an immediate ceasefire. Early Tuesday, Israel targeted Khan Younis in southern Gaza, leaving multiple casualties as the conflict shows no signs of abating.
The escalation involves ongoing clashes between Israel and Hezbollah. Israel has launched a series of airstrikes in southern and eastern Lebanon, killing at least 492 people, including 35 children, according to the Lebanese Health Ministry. Over 1,600 people have been injured, with many residents fleeing to nearby areas to seek shelter in mosques and public halls.
In response, Hezbollah fired six missile strikes on military targets in northern Israel, including airfields and an explosives factory. The group claimed these actions were in support of the Palestinian resistance in Gaza and to defend Lebanon from Israeli aggression. These clashes add to the region's already volatile situation, with fears that the conflict could spread further, potentially threatening oil supplies.
Israel’s military strikes on Gaza have been ongoing since October 7, 2023, despite a UN Security Council resolution calling for an immediate ceasefire. Early Tuesday, Israel targeted Khan Younis in southern Gaza, leaving multiple casualties as the conflict shows no signs of abating.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment