Business

April 19, 2024

Oil prices to leap toward $100 per barrel as Israel attacks Iran — Analysts

Breaking: Oil prices to leap toward $100 per barrel as Israel attacks Iran — Analysts

File: An Israeli Iron Dome anti-rocket system, right, and an American Patriot missile defense system are shown during a joint U.S.-Israel military exercise on March 8, 2018. (Jack Guez/AFP via Getty Images

By Udeme Akpan, Energy Editor

As Israel launched an attack on Iran, today, analysts have expressed concerns that the conflict could disrupt the oil supply, thus pushing prices toward $100 per barrel in the international market.

Iran is a major oil and gas-producing and exporting nation. It is also a frontline member of the Organisation of Petroleum Exporting Countries, OPEC, with more than 208 million barrels of proven oil reserves.

The nation is also blessed with other natural resources. They include natural gas, coal, chromium, copper, iron ore, lead, manganese, zinc and sulfur. The production and export of these could be affected by the Israel attack.

Details on this coming.

Earlier

Vanguard reported earlier that oil prices surged more than three percent in early Asian trade today following unconfirmed reports of explosions in Iran, Syria and Iraq.

It sparked fears of an escalation of the Middle East crisis.

West Texas Intermediate jumped 3.66 percent to $85.76 and Brent rose 3.44 percent to $90.11.

Read the full story HERE.

Vanguard News