Int'l Oil Prices: Israel Threat To Attack Iran Oil Production Drives Up Oil Prices
Israel's threat to target Iran’s oil production infrastructure, including gas and oil rigs, refineries and storage facilities, has heightened market concerns about international crude oil supply, leading to a significant spike in international oil prices during the U.S. Trading Session.
The price of both U.S. light crude oil and brent crude oil futures rose by more than 2 percent on Tuesday with the upward trend continuing into Wednesday.
The price of light crude oil futures for November delivery on the New York Mercantile Exchange reached 72.13 dollars per barrel in Wednesday morning trading while London brent crude oil futures for December delivery reached 75.74 dollars per barrel.
During the U.S. Trading Session on Tuesday, international oil prices surged by over 5 percent, reaching an intraday high, but later retreated as market sentiment gradually stabilized.
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