On September 21, 2023, an operational oil pumpjack was seen in Taft, Kern County, California.
Oil prices surged on Friday despite a decline in Asian markets, as investors worldwide expressed concern over a potential escalation of the Middle East conflict following reports of explosions close to the Iranian city of Isfahan.
During Asian morning trading, US oil futures increased 2.1% to trade at $84.5 a barrel. The benchmark for all oil, Brent crude, increased by 2%.
A US official informed CNN that Israel had launched an attack inside Iran, a move that might intensify tensions in the area. When CNN questioned the Israeli military about allegations of explosions in Iran, they responded, “Don’t have a comment at this time.”
Prime Minister Benjamin Netanyahu declared on Thursday that Israel will react to Iran’s historic weekend airstrikes—the majority of which were intercepted—by making its “own decisions.” Iran carried out the attack in retaliation for what it believed to be an Israeli strike on the facility housing its embassy in Syria earlier this month.
According to ANZ analysts on Friday, “the market has been on edge since Iran launched a missile and drone attack on the Jewish state over the weekend.” “If oil supplies are ultimately in danger, it may depend on Israel’s response.”
The researchers also noted that persistent oil outages are still quite common.
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