Israel-Iran crisis: Escalating conflicts cause global oil prices to shoot up

Global oil prices rose for a third consecutive day, reaching towards $75 a barrel, after Israel and the US vowed at retribution towards Iran

Rising tensions between Israel and Iran in the Middle East has sent global crude oil prices rising, and this can potentially worsen now that Iran has launched around 180 ballistic missiles at Israel in retaliation for the killings of Hamas, Hezbollah, and Iran's military leaders.

The iCOMDEX Crude Oil index of the Multi Commodity Exchange (MCX) showed oil prices rose to ₹7,749.35 a barrel. This is a 1.32% or ₹101.11 gain. (Representational Image/Unsplash)

By how much did oil prices rise after the Israel-Iran tensions escalated?

Oil prices rose for a third consecutive day today on Thursday, October 10, 2024, reaching towards $75 a barrel on average, after Israel and the US both vowed at retribution in a potential sign that the conflict could intensify further.

The iCOMDEX Crude Oil index of the Multi Commodity Exchange (MCX) showed oil prices rose to ₹7,749.35 a barrel. This is a 1.32% or ₹101.11 gain.

This comes after the index was at a near two-week low of ₹7,294.35 on September 26, 2024.

International prices for Iran Light as well as Iran Heavy crude rose by well over 1.5%.

Meanwhile, Brent Crude prices rose 1.31% or by $0.97 to $74.87 a barrel, while WTI Crude Oil prices rose 1.48% or by $1.04 to $71.14 a barrel, according to data compiled from Bloomberg.

Brent Crude refers to oil extracted from the North Sea in the Atlantic Ocean in Europe, while West Texas Intermediate (WTI) refers to oil extracted in the US, primarily from Louisiana, Texas, and North Dakota.