Crude oil prices surged on October 4th, fueled by concerns that Israel might launch a retaliatory strike against Iran's oil infrastructure following a recent missile barrage from Tehran. Tensions in the Middle East have escalated this week, raising fears of a disruption to regional oil supplies.
Iran is a member of the Opec oil cartel, producing around 3.2 million barrels per day, or 3 per cent of global output.- Oil pushed higher on Oct 4 – following its biggest one-day jump in almost a year – on concerns that Israel may decide to strike Iran ian crude facilities in retaliation for a missile barrage earlier this week.
Later, a US official said the administration was still in talks with Israel, and believed that no decision had been taken yet. It fired a barrage of missiles into Israel earlier this week, after Israel stepped up its offensive against Tehran-backed Hezbollah, including sending its troops into southern Lebanon. On Oct 3, the US-led Group of Seven nations called on countries in the region “to act responsibly and with restraint”.
Oil Prices Iran Israel Middle East Conflict Energy Markets
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