Oil prices have surged as the possibility of supply disruptions in the Middle East grows following Iran's rocket attack on Israel. The region is a major oil-producing area, contributing over one-third of the world's crude oil supply.
WTI futures rose over 5%, surpassing $71 per barrel, reversing earlier losses. Brent crude futures climbed to nearly $75 per barrel. The Israeli Defense Forces reported that all Israeli civilians took shelter in bunkers during the attack. They confirmed that Iran launched missiles at Israel and emphasized their preparedness, backed by the United States, to defend against further Iranian aggression.
Iran's direct involvement in the conflict could potentially disrupt oil supplies in the region. In August, Iran's oil production reached a six-year high before slightly declining in September. As of last year, Iran ranked as the ninth largest oil producer in the world.
WTI crude for November delivery rose 4.5% to $71.25 per barrel. Brent crude for December delivery settled at $74.76 per barrel, marking a 4.3% increase.
