Print

Oil prices surged by approximately 3% on Tuesday, marking a second consecutive of gains as escalating tensions in the Middle East heightened concerns about potential supply disruptions.

Brent futures gained $1.86 and closed at $73.56/barrel.

WTI crude rose $1.66, to settle at $69.83/barrel.

In a recent statement, Israel indicated that it would not hesitate to expand its military operations and directly target Iran in response to ongoing hostilities. This has raised concerns about the vulnerability of Iran’s oil infrastructure, which is reportedly on Israel’s list of potential targets. An Israeli strike on Iranian oil facilities could severely disrupt global oil exports, potentially reducing supply by up to 1 million barrels per day.

Written by: Muhammad Hafiz