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ISRAEL-IRAN CONFLICT
The black viscous hydrocarbon spiked high on Friday after Israel executed a large preemptive strike on Iran, heightening concerns of a wider conflict in the Middle East and significant disruptions to oil supply routes.
Oil prices plunged by nearly $5 per barrel on Monday after Israel’s weekend retaliatory strike against Iran avoided targeting oil and nuclear facilities, leaving energy supplies unaffected.
The price of crude oil is expected to rise further on Monday, above the $90 benchmark, after Iran’s attack on Israel over the weekend, analysts said on Sunday.
The United States (US) President, Joe Biden, has revealed that American forces helped to intercept and bring down nearly all the drones and missiles fired by Iran at Israel, reaffirming his “ironclad” support to Prime Minister Benjamin Netanyahu.
The crypto market went sore late Saturday after Iran propelled a wave of rambles at Israel, checking an early sign of the turmoil that seems to hit markets as financial specialists begin to cost within the danger of a broader Center East war.