International oil prices rose sharply on wednesday due to market concerns about possible disruptions in the world's crude oil supply, which is bad news for indian markets. At the same time as the price of WTI crude increased by 69 cents, or 1.06%, to $66.07 per barrel, the price of Brent crude increased by 69 cents, or 1.06%, to reach $66.07 per barrel. Regional tensions sparked the spike in global oil prices as rumors circulated that israel might attack Iran's nuclear installations. All the information you require regarding the price increase is provided here.
Israel is getting ready to attack Iran's nuclear installations.
Israel is reportedly planning to attack Iran's nuclear facilities, according to US media reports. The worrying news, oil supply, and escalation of regional conflicts have caused a sharp increase in global oil prices on wednesday, with the New York crude oil future price rising by more than 3% at one point.
Impact on the world's crude oil supply
The price of light crude oil futures for July delivery on the New York Mercantile Exchange increased by 96 cents, or 1.6%, as of 3:30 GMT on wednesday, while the price of Brent crude oil futures for July delivery increased by 97 cents, or 1.5%, according to a Reuters report.
Conflict between israel and Iran: Effect on oil Prices
Readers should be aware that iran is the Organization of the Petroleum Exporting Countries (OPEC) third-largest oil producer, and that an Israeli strike might cause disruptions to Iran's oil supplies. Furthermore, iran might retaliate by closing the Strait of Hormuz, which would have a further negative impact on oil exports from other nations. India's middle class would be negatively impacted by rising petrol and diesel prices in the event of an Iran-Israel confrontation.
Israel is getting ready to attack Iran's nuclear installations.
Israel is reportedly planning to attack Iran's nuclear facilities, according to US media reports. The worrying news, oil supply, and escalation of regional conflicts have caused a sharp increase in global oil prices on wednesday, with the New York crude oil future price rising by more than 3% at one point.
Impact on the world's crude oil supply
The price of light crude oil futures for July delivery on the New York Mercantile Exchange increased by 96 cents, or 1.6%, as of 3:30 GMT on wednesday, while the price of Brent crude oil futures for July delivery increased by 97 cents, or 1.5%, according to a Reuters report.
Conflict between israel and Iran: Effect on oil Prices
Readers should be aware that iran is the Organization of the Petroleum Exporting Countries (OPEC) third-largest oil producer, and that an Israeli strike might cause disruptions to Iran's oil supplies. Furthermore, iran might retaliate by closing the Strait of Hormuz, which would have a further negative impact on oil exports from other nations. India's middle class would be negatively impacted by rising petrol and diesel prices in the event of an Iran-Israel confrontation.
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