Oil prices surge after Israel attacks Iran
Oil prices jumped on Friday after Israel launched a strike on Iranian nuclear and military sites and Tehran retaliated.
U.S. benchmark WTI was up Friday, up to about $73 per barrel from around $69 at the end of the day yesterday.
The price increase may also be felt by drivers at the pump, but at least one oil price analyst described the impacts from the strikes as likely to be temporary.
'I am NOT worried and any impact to gas prices will be temporary,' wrote Patrick De Haan, head of Petroleum analysis at GasBuddy, in a post on X on Thursday night.
As of Friday, gasoline prices averaged $3.13 nationally, according to the American Automobile Association.
While the price of oil is lower than it has been in recent weeks, it is still well below the 2022's surge that followed Russia's invasion of Ukraine and came along with the COVID-19 recovery.
At that time, oil prices were reaching $120 per barrel.
Iran is a significant producer of oil. Due to sanctions, it only sells to certain countries, but still contributes to the overall global supply.
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Associated Press
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- Associated Press
Octa's oil outlook: Middle East tensions threaten global supply
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Hamilton Spectator
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New York Post
2 hours ago
- New York Post
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