Business
Oil Prices Increases As Israel-Iran Conflict Deepens
*/ The increase exceeded 3% on Friday following confirmed reports of an Israeli military operation on Iranian soil.
The strike, which targeted strategic locations in Iran, has intensified fears of a potential full-scale conflict in the region, prompting a swift reaction in global oil markets.
A U.S. official, speaking to NBC News, confirmed Israel’s involvement in the operations conducted in Iran, marking a significant escalation in the ongoing hostilities between the two nations. Further reports from CNN indicate that Iran’s Fars news agency reported hearing explosions at an airport in the city of Isfahan, although the cause of the blasts has yet to be determined.
This incident has led to several commercial flights being diverted to avoid Iranian airspace, highlighting the broader regional implications of the conflict.
This surge in oil prices reflects the market’s sensitivity to geopolitical events in the Middle East, a critical hub for global oil production and export.
Investors and analysts are closely monitoring the situation, aware that continued unrest could lead to further disruptions in oil supply chains and additional increases in prices.
© 2024 Naija News, a division of Polance Media Inc.
.loader {
width: 25px;
aspect-ratio: 1;
border-radius: 50%;
border: 4px solid black;
animation:
l20-1 0.8s infinite linear alternate,
l20-2 1.6s infinite linear;
}
@keyframes l20-1{
0% {clip-path: polygon(50% 50%,0 0, 50% 0%, 50% 0%, 50% 0%, 50% 0%, 50% 0% )}
12.5% {clip-path: polygon(50% 50%,0 0, 50% 0%, 100% 0%, 100% 0%, 100% 0%, 100% 0% )}
25% {clip-path: polygon(50% 50%,0 0, 50% 0%, 100% 0%, 100% 100%, 100% 100%, 100% 100% )}
50% {clip-path: polygon(50% 50%,0 0, 50% 0%, 100% 0%, 100% 100%, 50% 100%, 0% 100% )}
62.5% {clip-path: polygon(50% 50%,100% 0, 100% 0%, 100% 0%, 100% 100%, 50% 100%, 0% 100% )}
75% {clip-path: polygon(50% 50%,100% 100%, 100% 100%, 100% 100%, 100% 100%, 50% 100%, 0% 100% )}
100% {clip-path: polygon(50% 50%,50% 100%, 50% 100%, 50% 100%, 50% 100%, 50% 100%, 0% 100% )}
}
@keyframes l20-2{
0% {transform:scaleY(1) rotate(0deg)}
49.99%{transform:scaleY(1) rotate(135deg)}
50% {transform:scaleY(-1) rotate(0deg)}
100% {transform:scaleY(-1) rotate(-135deg)}
}
Business
Oil prices have seen a significant spike, with Brent crude surpassing $90 per barrel, a notable rise from $87, in the wake of escalating tensions between Israel and Iran.
