|
|
Oil surged over 4% as Iran - Israel conflict escalatedThe spike came as the exchange of airstrikes between Iran and Israel intensified, with no clear sign of de-escalation. While key oil infrastructure across the region has so far escaped major damage |
|
Global crude oil prices jumped more than 4% on Tuesday as heightened geopolitical tensions between Iran and Israel reignited concerns over potential supply disruptions, even as market fundamentals suggest that immediate flows remain largely unaffected.
Brent settled sharply higher at $76.45 per barrel, rising $3.22 or 4.4%.
WTI closed at $74.84 per barrel, up $3.07 or 4.28%.
The spike came as the exchange of airstrikes between Iran and Israel intensified, with no clear sign of de-escalation. While key oil infrastructure across the region has so far escaped major damage, traders remain alert to any shift that might threaten production or transit routes, particularly through the Strait of Hormuz.
Despite the geopolitical turmoil, broader market indicators point to sufficient near-term supply and softening demand outlooks. The International Energy Agency (IEA), in its latest monthly report released Tuesday, cut its global oil demand forecast by 20,000 barrels per day, citing weaker economic signals, while lifting its supply growth projection by 200,000 barrels per day, bringing it to 1.8 million bpd.
-end-
