U.S. West Texas Intermediate (WTI) crude futures rose by $1.09, or 1.56%, to $70.92 per barrel at 2254 GMT on fears of oil supply disruptions in the Middle East after Iran fired ballistic missiles at Israel.
Brent futures will resume trading at 0000 GMT on Wednesday. Brent gained $1.86, or 2.6%, on Tuesday to settle at $73.56 a barrel.
Iran fired more than 180 ballistic missiles at Israel on Tuesday, Israel said, in retaliation for Israel’s campaign against Tehran’s Hezbollah allies in Lebanon.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), is a major oil producer in the region.
“The direct involvement of Iran, an OPEC member, raises the prospect of disruptions to oil supplies,” ANZ Research said in a note, referring to the conflict.
Iran’s oil output rose to a six-year high of 3.7 million barrels per day in August, ANZ added.
Israeli Prime Minister Benjamin Netanyahu promised Iran would pay for its missile attack against Israel, while Tehran said any retaliation would be met with “vast destruction”, raising fears of a wider war.
U.S. President Joe Biden expressed full U.S. support for Israel, its longtime ally, and the U.N. Security Council scheduled a meeting on the Middle East for Wednesday.
Prime Minister Narendra Modi on Saturday urged people to visit Gujarat's Kutch during the ongoing…
A man in the UK has gained overnight popularity on social media after a video…
In Kuwait, PM Modi met Abdulla Al Baroun, who translated both Ramayana and Mahabharata in…
The Maha Kumbh Mela 2025 to set to begin on January 13 with the Paush…
Thirty kilometres. A 35-year-old man on a bike died after he was dragged this far…
A young couple in Madhya Pradesh's Rewa district were threatened by a group of people…