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Middle East Tensions Push Oil Higher: Israel Considering Action Against Iran

Oil prices jumped up to 3.5% following a CNN report that Israel might strike Iran’s nuclear facilities. While prices initially rose above $64 per barrel, they settled lower afterward.

The oil market has been unstable due to mixed reports about Iran-US nuclear talks. An Israeli attack would disrupt these negotiations and increase tension in the Middle East, which supplies about one-third of global oil.

Experts note that Iran currently exports about one million barrels of oil daily despite sanctions, and removing this supply could increase oil prices by approximately $8 per barrel.

Original Source: Yahoo Finance

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