The tension in the Middle East is reaching a boiling point as U.S. crude oil prices surged past $87 a barrel on Friday. Reports indicate that Israel is preparing for a potential direct attack by Iran over the weekend, marking a significant escalation in the ongoing conflict.
The West Texas Intermediate contract for May delivery saw a gain of $2.03, or 2.39%, reaching $87.05 a barrel. Similarly, June Brent futures rose by $1.77, or 1.97%, hitting $91.51 a barrel. This spike in oil prices comes after a brief dip in the previous session due to concerns about inflation overshadowing geopolitical risks.
According to sources familiar with the matter, Israel is bracing for a possible attack by Iran on either southern or northern Israeli territory as early as Friday or Saturday. While no final decision has been made by Iran’s leadership, discussions about plans for a strike are reportedly underway.
In the event of a direct attack by Iran on Israel, Brent crude oil prices could soar to $100 a barrel, as predicted by Bob McNally, president of Rapidan Energy and former Bush administration energy official.
The looming threat of conflict in the Middle East has sent shockwaves through the oil market, highlighting the fragile balance of global geopolitics and its impact on the economy. Stay tuned for further updates on this developing situation.
