• Advertise
  • Contact
Thursday, July 17, 2025
New York Voice News
  • Login
  • Home
  • TRUMP ADMINISTRATION
  • NYC 2025 Elections
    • Public Advocate Candidates Forum
    • Comptroller Candidates Forum
    • Meet The Candidate Video Interview Series
  • Metro
  • U.S.
  • International
  • Opinion
  • Podcasts
  • Home
  • TRUMP ADMINISTRATION
  • NYC 2025 Elections
    • Public Advocate Candidates Forum
    • Comptroller Candidates Forum
    • Meet The Candidate Video Interview Series
  • Metro
  • U.S.
  • International
  • Opinion
  • Podcasts
No Result
View All Result
New York Voice
No Result
View All Result
Home International

Oil Prices Surge as Iran-Israel Tensions Escalate

Lisa Miller by Lisa Miller
October 2, 2024
in International, Middle East
Oil Prices Surge as Iran-Israel Tensions Escalate
Share on FacebookShare on Twitter

Crude oil prices have surged significantly due to heightened tensions between Iran and Israel. West Texas Intermediate (WTI) crude increased by 3.8%, closing at $70.76 per barrel, while Brent crude rose by 3.74% to $74.38 per barrel. The price spike followed reports of Iran preparing to launch a missile attack on Israel, raising concerns over potential oil supply disruptions in the region, a major hub for global oil production.

Analysts have emphasized the risk that these geopolitical tensions could pose to oil markets. Helima Croft, head of global commodity strategy at RBC Capital Markets, highlighted the possibility of Iranian oil supplies being at risk. Iran, which has ramped up production to over 3 million barrels per day, plays a crucial role in the global oil market. Any direct military engagement between Israel and Iran could jeopardize Iranโ€™s oil output, potentially causing a ripple effect across the global energy market.

In parallel, the market was also influenced by other factors, including expectations of increased supply from OPEC+ members. A panel of ministers from the oil-producing group met on October 2 to review production levels, hinting at the possibility of higher output from countries like Libya to alleviate some supply concerns. Libya, whose oil production has been disrupted, may see a recovery after political changes within its central bank.

Meanwhile, Hezbollah, an Iran-backed militia group based in Lebanon, fired missiles at Tel Aviv, intensifying the regional conflict. Israel responded with ground raids into southern Lebanon, and the United States issued a stern warning to Iran about escalating the situation further. Clay Seigle, a political risk strategist, remarked that any Israeli retaliation targeting Iranโ€™s oil infrastructure could reduce global supply by over 1 million barrels per day, exacerbating the current price volatility.

In addition to geopolitical risks, slower economic growth in China and concerns over global demand also weighed on the market. Despite these factors, the ongoing conflict between Israel and Iran remains the primary driver of recent price increases, leaving traders on edge as the situation continues to unfold.

Related Posts

U.S. Deports Convicted Migrants to Eswatini After Home Countries Refuse Entry
International

U.S. Deports Convicted Migrants to Eswatini After Home Countries Refuse Entry

by Lisa Miller
July 17, 2025
New U.S. Visa Policy Limits Nigerian Visas to Three Months
U.S.

New U.S. Visa Policy Limits Nigerian Visas to Three Months

by Michelle Wilson
July 10, 2025
Trump Announces 10% Tariffs on BRICS Nations Citing โ€˜Anti-Americanโ€™ Trade Alignment
TRUMP ADMINISTRATION

Trump Announces 10% Tariffs on BRICS Nations Citing โ€˜Anti-Americanโ€™ Trade Alignment

by Michelle Wilson
July 8, 2025
Poland Temporarily Reinstates Border Checks with Germany and Lithuania
International

Poland Temporarily Reinstates Border Checks with Germany and Lithuania

by Isabella Rodriguez
July 1, 2025
Europe Scorched by Record Heatwave as Governments Issue Emergency Alerts
Europe

Europe Scorched by Record Heatwave as Governments Issue Emergency Alerts

by Lisa Miller
July 1, 2025

Translate

af Afrikaanssq Albanianam Amharicar Arabichy Armenianaz Azerbaijanieu Basquebe Belarusianbn Bengalibs Bosnianbg Bulgarianca Catalanceb Cebuanony Chichewazh-CN Chinese (Simplified)zh-TW Chinese (Traditional)co Corsicanhr Croatiancs Czechda Danishnl Dutchen Englisheo Esperantoet Estoniantl Filipinofi Finnishfr Frenchfy Frisiangl Galicianka Georgiande Germanel Greekgu Gujaratiht Haitian Creoleha Hausahaw Hawaiianiw Hebrewhi Hindihmn Hmonghu Hungarianis Icelandicig Igboid Indonesianga Irishit Italianja Japanesejw Javanesekn Kannadakk Kazakhkm Khmerko Koreanku Kurdish (Kurmanji)ky Kyrgyzlo Laola Latinlv Latvianlt Lithuanianlb Luxembourgishmk Macedonianmg Malagasyms Malayml Malayalammt Maltesemi Maorimr Marathimn Mongolianmy Myanmar (Burmese)ne Nepalino Norwegianps Pashtofa Persianpl Polishpt Portuguesepa Punjabiro Romanianru Russiansm Samoangd Scottish Gaelicsr Serbianst Sesothosn Shonasd Sindhisi Sinhalask Slovaksl Slovenianso Somalies Spanishsu Sundanesesw Swahilisv Swedishtg Tajikta Tamilte Teluguth Thaitr Turkishuk Ukrainianur Urduuz Uzbekvi Vietnamesecy Welshxh Xhosayi Yiddishyo Yorubazu Zulu
en English
No Result
View All Result

VOICE and LAN Newspapers Retailers

  • NEWS CATEGORIES
  • Metro
  • Crime and Public Safety
  • Adams Adminstration
  • Education
  • School Safety
  • U.S.
  • International
  • QUICK LINKS
  • Home
  • Retail Locations
  • Advertise With Us
  • About Us
  • Contact

ยฉ 2025 New York Voice News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Metro
  • Crime and Public Safety
  • Adams Adminstration
  • Education
  • School Safety
  • U.S.
  • International
  • Newspaper Editions
  • Retail Locations
  • Advertise With Us
  • About Us
  • Contact

ยฉ 2025 New York Voice News. All Rights Reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?

Notifications