Iran retaliated against Israel by firing 102 ballistic missiles simultaneously. After which the tension in the Middle East reached its peak. The effect of this is visible in crude oil prices. Following the arrival of this news, the prices of Brent crude oil from the Gulf countries and US WTI crude oil are experiencing an increase of more than 4 percent. The price of Brent crude oil has surpassed $74 per barrel. Earlier there was news of the death of the Hiljabul chief due to an Israeli airstrike. Apart from Israel, this was also confirmed by Hizbul. After that, arrangements were made to send the head of Iran to the safe house. It was speculated that Iran would definitely respond to this. To do this, Iran was in contact with other organizations such as Lebanon’s Hizbul.
Crude oil supply will be affected
Previously, the United States had indicated that Iran could retaliate by using ballistic missiles against Israel. Now that Israel has been attacked by Iran, tension in the Middle East has reached its peak. The effect of which will be visible even in the United States. According to experts, Iran has made a big mistake by attacking Israel. Now Jerusalem will not hesitate to intensify its military offensive to directly attack Iran. Israel’s target will be Iran’s oil assets. So the world supply of oil from the Middle East could be affected. If Israel attacks Iran’s oil assets, the supply of one million barrels of crude oil per day could be affected.
Crude oil prices rise
After Iran’s attack on Israel, crude oil prices have increased by 4 percent. The price of Brent crude oil is trading at $74.50 per barrel with an increase of more than 4 percent. On the other hand, the price of US crude oil is also seeing an increase of more than 4 percent. At 11:10 p.m. Indian time, the price of US crude oil crossed $71 per barrel. According to a Reuters report, before Iran’s attack, crude oil prices were very low. It is now expected to rise even further.
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Oil will cross $80
The bitterness between Iran and Israel has increased considerably. The tension is very high. In such a situation, the biggest question that arises is how high crude oil prices can go in the coming days. Will crude oil prices surpass $80 per barrel? According to a Reuters report, the OPEC Plus meeting will be held on October 2. In which, in addition to all the oil-producing countries in the Middle East, there will also be Russia. In which the decision will be made on how to maintain crude oil production. If OPEC Plus talks about limiting production, further increases in crude oil prices are possible. If it is decided to increase production, the price of crude oil may also drop.
