Oil surges over 3% amid geopolitical tensions - Breaking The News

Oil surges over 3% amid geopolitical tensions

2 October

1 min read

EPA-EFE/ETIENNE LAURENT

The prices of crude oil rose on Wednesday as the tensions in the Middle East continue to escalate after Iran carried out an attack on Israel yesterday and Israeli Prime Minister Benjamin Netanyahu claimed that the attack "failed" and that Iran "will pay for it." The American Petroleum Institute's (API) private data also showed yesterday that crude oil inventories were down by 1.5 million barrels in the previous week.

West Texas Intermediate futures for deliveries in November surged by 3.19% and went for $72.06 per barrel at 6:15 am ET, while Brent futures for December settlement soared by 2.94%, going for $75.71 per barrel at 6:16 am ET.

oil

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