look news india
Iran–Israel conflict: The world is worried about the increasing tension between Israel and Iran. Iran has launched a massive attack on Israel by releasing about 180 missiles, while the Israeli Army has also claimed to be fully prepared for a retaliatory attack. The effect of increasing tension between the two countries is first visible on the prices of crude oil, the prices of crude oil have simultaneously increased by 5 percent.
Iran is a major player in the oil sector
OPEC member Iran is also considered the biggest player in this oil sector. Also, Iran supplies about one-third of the world's oil. The effect of disruption in the oil supply chain due to this attack is now visible. Which can be seen as a huge jump in the prices of crude oil.
Rise in Brent crude prices
The tension between Israel and Iran is affecting the international market. In which a sudden increase of up to 5 percent has been seen in the price of West Texas Intermediate Crude (WTI Crude). Recently it had fallen by about 2.7 percent, but after the recent surge, the price has once again crossed $ 71 per barrel. Talking about the price of global benchmark Brent crude, it has gone above $75 per barrel with a jump of about 5 percent.
The increasing tension between Iran and Israel is not only affecting the prices of crude oil, but now it is also affecting the global stock markets. Furthermore, oil prices are rising, bonds are rising, gold prices are rising and the stock market is falling.