Iran-Israel Fighting May Cause Oil Prices to Jump, Analysts Warn

Published On Oct 2, 2024, 8:38 AM

Recent missile attacks by Iran on Israel have heightened concerns over potential escalations that could disrupt global oil supplies. Following these events, oil prices have surged, with Brent crude rising to over $75 per barrel, its highest in a month. Prime Minister Netanyahu warned that Iran would face consequences for its actions, which come in the wake of tensions surrounding the assassination of Iranian-backed militant leaders. The global market remains anxious about the risk of an oil shock, reminiscent of previous spikes, although some analysts note that prior missile strikes by Iran did not lead to sustained price increases.