Abu Dhabi October 2 2024: Oil prices climbed more than 3% on Wednesday on rising concerns that Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran’s biggest ever military blow against Israel.
Brent futures reached their highest in a month, leaping $2.42, or 3.3%, to $75.98 a barrel. U.S. West Texas Intermediate (WTI) crude spiked $2.47, or 3.5%, to $72.30 at 1050 GMT.
Both crude benchmarks on Tuesday surged more than 5% before closing around 2.5% higher.
Iran said early on Wednesday that its missile attack on Israel was over barring further provocation, while Israel and the U.S. promised to strike back against Tehran as fears of a wider war intensified.
“This could include damaging or obliterating Iran’s oil facilities,” said Tamas Varga of oil broker PVM.
Tehran said any Israeli response to the attack, which Israel said involved more than 180 ballistic missiles, would be met with “vast destruction”.
