Iran-Israel War: The situation in the Middle East has once again gone out of control. Iran launched a massive missile attack on Israel on Tuesday. Iran has fired about 200 high-speed ballistic missiles at Israel. Rocket sirens started sounding across Israel on Tuesday night. There were continuous sounds of explosions due to missile interception in the sky. There are also reports of missiles falling in many areas. In such a situation, the Israeli Army immediately advised everyone to go to shelter. Iran says it has avenged the death of Hezbollah Chief Hassan Nasrallah. However, there has been no news of any significant loss of life or property in Israel due to this attack by Iran. On the other hand, this attack by Iran has created chaos in the oil market. There was a huge increase in the prices of crude oil on Tuesday.
WTI crude jumped 5%
There has been a big jump in the prices of crude oil due to Iran-Israel tension. WTI crude oil has jumped 5 percent to cross $ 71 per barrel. At the same time, global benchmark Brent crude reached $ 75 per barrel. Iran is a major producer of crude oil in the Middle East. Besides, it is also a member country of OPEC. If Israel now retaliates against Iran, we may see further rise in prices.
Supply chain may be harmed
The current Iran-Israel conflict has raised concerns about the supply chain of crude oil. Because one-third of the world’s crude oil is supplied from the Middle East. According to experts, the oil market is very sensitive to geopolitical tensions. In such a situation, if tension increases, a sharp rise in prices may be seen. The prices of petrol and diesel in India depend on the international prices of crude oil. If the prices of crude oil rise rapidly, then the prices of petrol and diesel may also be affected in future.
