Oil on the rise
Oil continues to rise as Israel promises retaliation after the Iranian attack.
Oil rose for a second day after Iran fired nearly 200 ballistic missiles at Israel. On the other hand, Israeli Prime Minister Benjamin Netanyahu’s promise of retaliation increased risks to crude oil supplies in the region.
Brent briefly rose more than 5 percent after the Iranian attack on Tuesday, briefly rising more than $ 74 a barrel, while US crude oil is hovering near $ 71.
Crude’s rise reflects investors pricing a renewed risk premium into the world’s most important commodity, given that the Middle East accounts for about a third of global supplies.
Although Israel and Iran have been at odds since the war in Gaza against Tehran-backed Hamas began about a year ago, previous rises have been short-lived as there have been no real disruptions to oil production.
Tensions in the Middle East have increased markedly since the assassination of Hezbollah leader Hassan Nasrallah last week. Israeli Prime Minister Netanyahu said Iran had made a big mistake and “will pay for it”.
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