Oil prices jump 2%, settles at 6-month highs on fears of escalation in Iran
Executive Intelligence Dispatch
Oil prices surged 2% on Friday, reaching 6-month highs, amid fears of an escalation in the Iran war, following a tanker attack in the Strait of Hormuz.
Key Facts & Findings
- —Oil prices jumped 2% on Friday
- —Brent crude futures settled at $117.64 a barrel, a 2.4% increase
- —US West Texas Intermediate (WTI) crude futures rose 2.08% to $104.12 a barrel
“Traders will remain focused on oil flows out of the Middle East and the likely escalation by US and allied forces”
“The US ordered non-emergency government employees and their family members to leave Saudi Arabia effective October 23 due to safety risks”
The surge in oil prices could have a significant impact on Sri Lanka's economy, which relies heavily on imported fuel.
The international community will continue to monitor the situation in the Middle East and its potential impact on global oil markets.
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Oil prices jump 2%, settles at 6-month highs on fears of escalation in Iran
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