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Oil Prices Skyrocket to 5-Month High After Israel’s latest Attack on Iran
- Oil prices surged over 9% to a 5-month high following Israel's attacks on Iran, raising concerns about disrupted crude supply from the Middle East.
- Brent crude futures climbed by $6.29 to settle at $75.65 a barrel, hitting $78.50—the highest since January.
- U.S. West Texas Intermediate (WTI) crude rose by $6.43 to $74.47 a barrel, reaching $77.62—the strongest since January.
- The airstrikes targeted Iran's nuclear facilities, missile sites, and military commanders, signaling a potential long-term campaign.
- Geopolitical uncertainty rose, with the market factoring in a higher risk premium for supply disruptions.
- Impact on Middle Eastern oil exports depends on Iran's response and potential U.S. involvement.
- Concerns exist about Iran retaliating by blocking the critical Strait of Hormuz, affecting oil flow.
- Actual supply disruption would require direct attacks on infrastructure or strait closure, impacting up to 20 million barrels per day.
- Iran vowed harsh punishment for Israel, prompting fears of broader regional instability.
- U.S. officials clarified Israel's unilateral action and warned Iran against threatening American assets.
- Global markets reacted as stocks dropped, U.S. futures declined, and investors sought safe havens like gold and Swiss franc.
- Oil prices surge amidst elevated geopolitical tensions between Israel and Iran.
- Experts anticipate further intensification of supply concerns if the U.S. becomes involved in the conflict.
- Potential for broader regional instability looms as Iran responds to Israel's attacks.
- Market volatility persists as investors maneuver towards safe-haven assets amid escalating tensions.
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