Tehran is warning that any Israeli response to its missile attack would be met with « vast destruction. »
Oil prices rose on Wednesday as investors reacted to escalating tensions in the Middle East following Iran’s missile attack on Israel. Concerns over disruptions to energy supplies intensified, driving market uncertainty and pushing prices higher.
Brent crude oil futures, the global benchmark, rose 1.6%, reaching $74.75 per barrel. West Texas Intermediate (WTI), its North American counterpart, saw a 1.7% increase, bringing prices to $70.98.
Earlier on Wednesday, Iran announced that its missile attack on Israel was over, barring any further provocation. However, Israel and the U.S. have promised to retaliate against Tehran, escalating fears of a broader conflict in the region. Israel claimed that more than 180 ballistic missiles were involved in the attack, and Tehran warned that any Israeli response would be met with « vast destruction. »
The Middle East, a critical region for global oil production, has long been susceptible to geopolitical tensions that impact energy markets.
