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Oil rates soar as Iran prepares to strike Israel in few days
(MENAFN) Oil prices continued to climb on Friday following news reports that Iran is preparing to strike Israel in a few days. The international oil benchmark of brent crude increased by 0.55 percent to USD74.43 per barrel at 11:09 a.m. local time (0809 GMT), up from the previous session's close of USD74.02. The US benchmark West Texas Intermediate also rose by 0.64 percent to USD70.74 per barrel, compared to USD70.29 at the prior session's close.
Brent oil prices increased by 2.2 percent and WTI rose by 2.1 percent during the day on Thursday. The concern that global supply could be disrupted due to the ongoing war in the Middle East, where most of the oil resources are located, continues to support upward price movement. Additionally, news reports of Iran preparing for retaliation against Israel have helped increase prices.
Israel targeted military points in Iran on October 26 in response to Iran's missile attacks on October 1. The Israeli press claimed that Iran was "preparing for a major retaliation from Iraq within a few days" in response to Tel Aviv's latest attack. The news story, based on unnamed Israeli officials, indicated that Iran may retaliate with numerous unmanned aerial vehicles and ballistic missiles from Iraqi territory before the US presidential elections on November 5.
According to the report, carrying out the retaliation through pro-Tehran groups in Iraq instead of Iranian territory could be an attempt to prevent a possible Israeli attack on strategic targets in Iran. Israel also continues to attack Beirut and Gaza in the Middle East, raising supply concerns among market players. Israeli Prime Minister Benjamin Netanyahu, during his speech at the graduation ceremony held for Israeli soldiers on Thursday, noted that Israel does not have a set date to end the attacks on Gaza.
Brent oil prices increased by 2.2 percent and WTI rose by 2.1 percent during the day on Thursday. The concern that global supply could be disrupted due to the ongoing war in the Middle East, where most of the oil resources are located, continues to support upward price movement. Additionally, news reports of Iran preparing for retaliation against Israel have helped increase prices.
Israel targeted military points in Iran on October 26 in response to Iran's missile attacks on October 1. The Israeli press claimed that Iran was "preparing for a major retaliation from Iraq within a few days" in response to Tel Aviv's latest attack. The news story, based on unnamed Israeli officials, indicated that Iran may retaliate with numerous unmanned aerial vehicles and ballistic missiles from Iraqi territory before the US presidential elections on November 5.
According to the report, carrying out the retaliation through pro-Tehran groups in Iraq instead of Iranian territory could be an attempt to prevent a possible Israeli attack on strategic targets in Iran. Israel also continues to attack Beirut and Gaza in the Middle East, raising supply concerns among market players. Israeli Prime Minister Benjamin Netanyahu, during his speech at the graduation ceremony held for Israeli soldiers on Thursday, noted that Israel does not have a set date to end the attacks on Gaza.
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