WTI crude oil futures in the United States experienced a significant increase, rising by 2% as global markets closely monitor escalating geopolitical tensions in the Middle East. Currently, the November delivery price for West Texas Intermediate (WTI, Financial) crude has risen by $1.55, marking a 2.08% increase, setting the price at $75.93 per barrel. Meanwhile, December Brent crude futures on the Intercontinental Exchange went up by $1.42, or 1.82%, to $79.47 per barrel.
Last week, oil prices soared amidst concerns that Israel might target Iran's oil infrastructure in retaliation for large-scale ballistic missile attacks by Tehran. On the anniversary of the October 7 incident that led to conflict between Israel and Gaza, Israel carried out airstrikes against Hezbollah targets in Lebanon and the Gaza Strip. The Israeli Defense Minister also declared that Israel will take all necessary actions against its adversary, Iran.
WTI crude saw a remarkable surge of 9.09% last week, marking the biggest weekly gain since March 2023. As a global oil price benchmark, Brent crude also rose by 8.43%, experiencing its largest weekly increase since January 2023.
