Oil prices surged as markets reacted to potential Israeli strikes on Iran’s oil industry following missile attacks. West Texas Intermediate (WTI) rose about 4% to $73 per barrel after President Biden suggested such strikes were under consideration. Concerns grew as the Middle East crisis escalated, with the region supplying a third of the world’s oil.
Traders fear that attacks on energy infrastructure could disrupt supply. Citigroup analysts estimated that major strikes could remove 1.5 million barrels of daily supply. Despite price spikes, OPEC+ plans to restore some capacity, and U.S. crude inventories rose unexpectedly.
Oil Soars on Biden Remarks About Possible Israeli Retaliation
Oct 03, 2024
Article from Yahoo Finance by Antonia Mufarech and Devika Krishna Kumar
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