Oil Prices Surge Amid Rising Middle East Tensions and Biden's Comments

In a single day, the cost of crude oil jumped by 5%, following a speech from US President Joe Biden, who suggested that Israel might target Iranian oil facilities. As a result, the price of OPEC oil climbed to 74.90 dollars per barrel, while Brent futures reached 77.54 dollars per barrel. The markets are bracing for potential conflict escalation in the region, which could lead to a blockade of supplies from Iran, the world's seventh-largest oil exporter. Since the start of the week, the cumulative increase in oil prices has exceeded 10%.

Amid this uncertainty regarding Iran, Libya announced the resumption of oil production in its eastern regions. President Biden addressed the topic of potential Israeli strikes against Iran today, stating, "I know I shouldn't negotiate in public," when asked whether the US would support such actions. His comments have further unsettled the oil market.