Global Fuel Prices Rise: Israel-Iran Tensions the Cause?
World fuel prices have increased. This increase has been attributed to fears of a potential Iranian attack on Israel. The price of a barrel of WTI crude has increased by one percent, now standing at $85.66. A barrel of Brent crude is selling for $90.45.
This information was reported by Reuters. Their report states that Iran is the third largest oil-producing country in OPEC. Last week, 13 people, including a top IRGC general, were killed in an Israeli airstrike on the Iranian consulate in Damascus, the capital of Syria. Iran has retaliated by declaring a counterattack on Israel. This attack could be carried out at any time on the Jewish state.
Fears of Iran’s involvement in the Israel-Hamas conflict have created concerns about the supply of fuel oil on the world market. These concerns have caused fuel oil prices to rise by one percent. In end-of-week trading, the price of a barrel of Brent crude rose 74 cents to $90.45. The price of a barrel of WTI crude rose 64 cents to $85.66.
According to Bloomberg, concerns about Iran’s involvement in the Israel-Hamas conflict drove fuel oil prices to near their highest levels in six months this week. The price of Brent crude rose to $92 a barrel. The price of WTI crude rose to $87.
It is worth noting that due to geopolitical tensions and fears of supply disruptions, the price of WTI crude has risen by nearly 20% and the price of Brent crude has risen by 17% on the world market this year.
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