Oil Prices Surge Amid Middle East Tensions, Key Infrastructure at Risk

Oct 04, 2024

Analysts have identified Iran's Gulf Star refinery and Kharg Island export terminal as potential high-impact targets amidst heightened Middle East tensions. Recent updates suggest Iran has evacuated a Very Large Crude Carrier (VLCC) from the Kharg Island oil terminal, indicating preparations for potential attacks.

The crude oil market remains on edge as Israel might retaliate against potential Iranian missile strikes by targeting Iran's oil infrastructure. This climate of uncertainty has driven oil prices up by over 9% this week. Currently, Brent crude futures and West Texas Intermediate (WTI) are both up by 1%, trading at $78.43 per barrel and $74.47 per barrel, respectively.

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