Oil prices jumped nearly 5% after dozens of missiles fired by Iran at Israel.
Alarm sirens sounded throughout Israel, according to the Israeli army, and missiles were intercepted and explosions were heard in the sky of occupied Jerusalem.
The Iranian Revolutionary Guard said that the attack on Israel was a response to the killing of a Guard commander and other leaders, threatening to launch “crushing attacks” if Israel responded to the missile launch.
A barrel of Brent crude oil rose 4.4% to $74.86, at the time of writing this report, while a barrel of US crude oil increased 4.9% to $71.51.
The Iranian Students News Agency published video clips of missiles flying over the capital, Tehran.
Israel Hayom newspaper reported that take-offs and landings at Ben Gurion Airport in Tel Aviv were halted.
A senior White House official said earlier today that the United States has indications that Iran is preparing to launch a ballistic missile attack on Israel soon.
Before this statement, oil prices were near their lowest level in two weeks, after the impact of expectations for increased supplies and growth in global demand, which is currently witnessing some sluggishness, overshadowed the impact of fears of the escalation of the conflict in the Middle East and its impact on crude exports from the region.
A ministerial committee affiliated with the OPEC Plus producers group will meet tomorrow, Wednesday, to review market conditions, and there are no expected changes to production policies.
OPEC Plus, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is scheduled to raise production starting in December by 180,000 barrels per day each month.
