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Market
How will global oil production change due to Middle East conflict by June 30, 2025?
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Reports from OPEC or International Energy Agency (IEA)
Story
Oil Prices Surge Over 3% as WTI Rises 3.13% and Brent 2.91% Amid Iran's Threat to Strike Israel
Nov 1, 2024, 04:07 AM
Oil prices have surged amid escalating tensions in the Middle East, primarily due to reports that Iran is preparing a retaliatory strike against Israel from Iraq. As a result, West Texas Intermediate (WTI) crude oil rose by more than $1 per barrel, with recent reports indicating an increase of 3.13% on the day. Brent crude also saw a significant rise, climbing 2.91%. The geopolitical climate has raised concerns about potential disruptions in oil supply, with Iran, which accounts for approximately 3% of global oil production, remaining a pivotal player in the market. The situation has led to increased volatility in crude oil prices, as traders react to the possibility of an Iranian attack utilizing drones and ballistic missiles, according to various reports. Analysts note that the market is closely monitoring these developments, as they could have far-reaching implications for global oil supply and pricing.
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