The recent escalation of tensions in the Middle East has caused a significant increase in oil prices. On Friday, reports emerged that the U.S military had carried out airstrikes on Iranian targets in Syria. This news immediately raised concerns about a potential widening of the ongoing Israel-Hamas conflict, which could have dire consequences for oil supply from the crucial Middle East producing region.
Investors and industry experts are closely monitoring the situation, as any disruption in oil production from the Middle East could have a major impact on global markets. The region is responsible for a significant portion of the world’s oil supply, and any instability there could result in a sharp spike in oil prices. As a result, oil prices rose by over $1 in response to the news of the U.S military strikes, reflecting the growing anxiety over potential supply disruptions.
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