Oil prices leap amid worries about crude market due to Middle East conflict
Global News
Fears of a wider Middle East conflict sent oil prices higher and global stock markets lower on Friday morning, following Israel's overnight attacks on Iran.
Oil prices are leaping and stocks are falling Friday over worries that Israel’s attack on Iranian nuclear and military targets could escalate further and damage the flow of crude around the world, along with the global economy.
The price of a barrel of West Texas intermediate — the benchmark U.S. crude — jumped close to seven per cent on Friday morning to around US$72.65.
Brent crude, the international standard, was also up around seven per cent to US$74.30 for a barrel.
Western Canada select was selling at around $57.34 per barrel Friday morning.
Iran is one of the world’s major producers of oil, though sanctions by western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran’s oil to its customers and keep the price of crude and gasoline higher for everyone worldwide.
Beyond the oil coming from Iran, analysts also pointed to the potential for disruptions in the Strait of Hormuz, a relatively narrow waterway off Iran’s coast, through which much of the world’s oil moves on ships.
But past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later “once it became clear that the situation was not escalating and there was no impact on oil supply,” according to Richard Joswick, head of near-term oil at S and P Global Commodity Insights.
That has Wall Street waiting to see what will come next.
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The report was released to Global News under the Access to Information Act
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