From Investing.com: 2024-10-04 01:53:00

Oil prices surged on Thursday due to escalating tensions in the Middle East, with fears of supply disruptions. Attacks in Beirut and Iranian missile strikes on Israel have raised concerns about stability. Prices of WTI and Brent crude futures rose over 2%, reaching $71.68 and $75.42 per barrel, respectively.

Israeli bombings in Beirut and Iranian threats have intensified tensions, with fears of wider conflict. Market analysts worry about potential attacks on Saudi infrastructure. Israeli PM Netanyahu’s warning and Iran’s response have further increased anxiety. Concerns are raised about a possible retaliation affecting the oil market.

Despite geopolitical tensions, oil prices saw significant gains on Thursday. WTI crude was trading at $72.99, up 4.12%, with Brent crude at $76.66, up 3.73%. While prices rose, a stronger global supply outlook tempered gains. U.S. crude inventories increased, and OPEC stated it has spare capacity to compensate for any potential loss of Iranian supply.



Read more at Investing.com: Crude Oil: More Upside in the Offing as Geopolitical Situation Worsens