Oil prices jump more than 2% as Middle East tensions escalate

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LONDON :Oil prices climbed more than 2 per cent on Wednesday on rising concerns that Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran's biggest ever military blow against Israel.Brent futures leapt $1.63, or 2.2 per cent, to $75.19 a barrel, while U.S.

"This could include damaging or obliterating Iran's oil facilities," said Tamas Varga of oil broker PVM.

A panel of ministers from OPEC+, which includes Russia, meets later on Wednesday to review the market, with no policy change expected.

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Category: EconomyBusiness

Markets: SingaporeIsraelLebanonSaudi Arabia

Topics: Israel Output Crude Saudi Iran Middle Wednesday Production Cent East Prices

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-02 @ 06:58:11 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 496 words

Reading Time: 3 minutes read

Sentences: 22 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 22847561

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Official Website: channelnewsasia.com

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