Brent Crude Oil Futures Gained $ 4.87, or 7.02%, to settle at $ 74.23 a Barrel after earlier soaring over 13% to an intraday high of 78.50, the Strongest Level Since Zanuary 27. For the V. Brent Oil Pries Rallied 12.5%.
Us West Texas Intermediate Crude Ended $ 4.94, or 7.26%, Higher at $ 72.98 a Barrel. During the session, WTI Oil Jumped Over 14% to $ 77.62, Its Highest Since January 21.
Both Benchmarks Recorded Their Larget Intraday Moves Since 2022, When Russia’s invasion of ukraine triggered a spike in energy pries.
Israel said it had Targeted Iran’s Nuclear Facilites, Ballistic Missile Factories, and Key Military Commanders, Marking The Beginning of What it described as a Sustained AIMED AIMED AIMED AIMED from developing nuclear weapons. Shortly after Markets Closed, Iranian Missiles Struck Buildings in Tel Aviv, while explosions were also reported in southern israel.
Iran’s National Iranian Oil Refining and Distribution Company Said that Oil Refining and Storage Facility Remained Intact and Fully Operational, Reuters reported.
Supply works
Iran, A Member of the Organization of the Petroleum Exporting Countries (OPEC), Produces Approximately 3.3 Million Barrels Per Day (BPD) and Exports Over 2 Million BPD of CRIUDE OL and Fuel.
Analysts and Opec Watches Estimate that Spare Production Capacity Among OPEC and Its Allies, Including Russia, is roughly Equal to Iran’s Output and Cold Help Offset Any Potential Suppply Disrupties, according to reuters.
The escalating conflict has also heightened Concerns Over Potential Disrupttions to the Strait of Hormuz, a Critical ChokePoint for Global Oil Shipments.
(With inputs from reuters)
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