Tensions in the Middle East, big news about oil prices
October 5, 20242 Mins Read
International Desk: Due to the ongoing tension in the Middle East, there has been an upward trend in oil prices. The price of crude oil in the international market increased by 9 percent in a week. Among them only on Thursday this growth rate was 5 percent. Reuters reported this information in a report on Saturday (October 5) citing market analysts.

Oil

According to a Reuters report, two crude oil brands - Brent crude and West Texas Intermediate (WTI) - both traded higher in the past week. As a percentage, Brent crude rose 8 percent and WTI rose 9.1 percent. This is the first time this year that crude oil prices have jumped this much in just one week.

Officials of various organizations that analyze the fuel oil market said that a significant portion of crude oil in the market comes from Iran. Recent tensions between Iran and Israel and the threat of an Israeli attack on Iran's oil fields are responsible for this sudden jump in the market.

Officials at StoneX, a UK market analyst firm, said that if Israel were to target Iran's oil infrastructure, the price of crude oil would immediately increase by $3 to $5 per barrel on the international market.

OPEC Plus, an alliance of oil producing and exporting countries, said in a statement last Thursday that if Israel attacks Iran's oil fields, it will naturally stop shipments of Iranian oil to the international market. In that case, even if they can fill this deficit for a while, it will not be possible for the OPEC member states in the long run.

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Iran is a member of OPEC Plus. The country sends 3.2 million barrels per day to the international market, which is 3 percent of the total oil market. The rate is quite low as a percentage, but Iranian oil supply is important to keep the market stable in the current situation.