The price of oil has spiked on global markets following President Biden’s statement that the US is considering Israeli strikes against Iran. The news has raised concerns about potential disruptions to oil supply from the Middle East, sending prices soaring.
Tensions have been rising in the region as Iran continues to expand its nuclear capabilities, prompting the US to engage in discussions with Israel about potential military action. The uncertainty surrounding the situation has led to investors flocking to oil as a safe haven asset, driving up prices.
The price surge comes at a time when the global economy is still reeling from the impact of the COVID-19 pandemic. Rising oil prices could further strain economies that are already grappling with inflation and supply chain disruptions.
Analysts are closely monitoring the situation in the Middle East as any escalation could have far-reaching consequences for the energy market and global economy. The uncertainty surrounding the potential Israeli strikes against Iran has added another layer of complexity to an already volatile market.
As tensions continue to mount in the region, the price of oil is expected to remain elevated as investors brace for any potential supply disruptions. The situation remains fluid, and market participants are keeping a close eye on developments that could further impact oil prices in the coming days.
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Video “Oil price surges on fears of Israeli strikes against Iran | BBC News” was uploaded on 10/04/2024 to Youtube Channel BBC News