(RTTNEWS) – Crude oil prices jumped rapidly on Friday due to the possibility of disruption of supply after airstrike against Iran. Iran has vowed to retaliate heavy.
For July delivery, WTI oil $ 4.94 was shot at $ 72.98 per barrel. This is the highest price for oil from 11 February. August Brent crude was last seen at $ 74.08 in $ 4.72.
Earlier today, two-Plus Israeli Air Force fighter jets attacked hundreds of nuclear, military and infrastructure targets in Iran.
The attacks, which damaged the significantly significant Natanz atomic site, also abolished six top nuclear scientists and the country’s highest ranked military officer Mohammad Bagheri.
Although US President Donald Trump lightly stated that Iran had brought the attack on its own, Iran has vowed that Israel would pay a “heavy price” for its attacks.
This new stress has increased the possibility of a fully developed conflict in the Middle East and increase in oil prices.
The possibility of oil transit through Hormuz’s straight has now been interrupted. For oil shipment, 20 million barrels of crude oil (20%of global daily consumption) passes through this important Chokpoint.
In particular, after today’s attacks, gold and dollars ralled, while the stock markets fell globally.
As Trump warns that further attacks would be even more cruel, analysts believe that oil prices can be decided by Iran’s next move.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
