Oil: the escalation of the crisis between Israel and Iran brings a rally in prices

Oil prices are up more than 5% in international commodities markets as the Iranian attack on Israel began with dozens of ballistic missiles.

Specifically, the price of US WTI jumps by 5.35% to $71.93 per barrel. Correspondingly, the December Brent contract price strengthens by 4.99% to $75.32 per barrel.

Senior White House and Defense Department officials had warned earlier that the U.S. “has indications that Iran is preparing to launch an imminent ballistic missile attack against Israel.”

“We actively support defense preparations to defend Israel against this attack. A direct military attack by Iran against Israel would have serious consequences for Iran,” a senior White House official had told NBC.

Indeed, just before 8:00 p.m. ET, warning sirens sounded across much of Israel as the Iranian attack began with… a rain of missiles. And it is likely, according to reports, that this is the first wave of the attack that Tehran is planning.

Source: Newmoney.gr

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