Iran-Israel Tensions: Oil prices took a significant hit on Monday, plummeting over $3 a barrel, after Israel’s weekend strike on Iran avoided Tehran’s oil and nuclear infrastructure.
Crude oil prices took a tumble, with Brent and U.S. West Texas Intermediate (WTI) futures sinking to their lowest levels since October 1, reported ‘Reuters’. Brent Crude plummeted 4.4% to $72.70 a barrel, losing $3.35 per barrel, while WTI crude fell 4.6% to $68.51, shedding $3.27 per barrel.
Last week, the oil benchmarks surged 4% amidst volatile trading, as investors calculated the uncertainty surrounding Israel’s retaliation to the October 1 Iranian missile attack and the upcoming US election.
Notably, Israel launched a series of airstrikes on Saturday morning, targeting missile factories and other sites in Iran.
Iran-Israel Tensions: An Overview
Israel’s defence forces launched ‘precision strikes’ on Iranian military targets early Saturday morning. This was in retaliation of October 1 Iranian air strike at Israel. Iran fired almost 200 missiles at Israel, making tensions between the two countries much worse. This marked Iran’s direct entry in the ongoing Hamas-Israel conflict. However, Israel’s defence systems successfully stopped many of the Iranian missiles from hitting their targets.
The current tensions are a result of the 2023, attack by Hamas, a militant group, on Israel. Israel, thereafter, responded to Hamas’ attack with a ground operation in the Gaza Strip. Israel’s military expanded its operation into Lebanon, targeting militants backed by Tehran. The 1979 Iranian Revolution marked the beginning of the Iran-Israel conflict, as the new Islamic regime opposed US influence and interests.
Iran has sent a strong warning to Israel, saying that any actions take by Israel, will be dealt with “proportional reaction”, reported Iran state media quoting sources. The Iranian military said that the Israeli attack only caused minor damage in a few areas.
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