Israel’s strike on Iran sparks global market turmoil, fuel prices surge by 3%
Crude oil prices have surged by three percent, sparking concerns about a potential oil crisis.
KATHMANDU: In the wake of Israel’s missile strike on Iran, global markets are experiencing significant turbulence.
Crude oil prices have surged by three percent, sparking concerns about a potential oil crisis.
The escalating conflict between these key oil-producing nations has sent shockwaves through financial markets, with crude oil prices edging close to $90 per barrel, as reported by the international media.
In addition to the sharp rise in oil prices, the price of gold has skyrocketed to $2,400 per ounce, setting a new record in the global market.
This surge reflects growing investor anxiety and the flight to safe-haven assets amidst geopolitical tensions.
Israel’s strike on Iran has exacerbated already heightened tensions in the region, prompting fears of further retaliation and instability.
Against the backdrop of Israel’s warnings of a robust response to Iranian aggression, the situation remains precarious.
As the world watches developments unfold, there’s a palpable sense of unease in financial markets, with stakeholders closely monitoring the situation for its potential impact on global fuel and commodity prices.
Over the past weekend, Iran initiated a retaliatory strike, launching hundreds of drones and missiles following a suspected Israeli attack on its embassy compound in Syria.
However, the majority of these drones and missiles were intercepted before reaching Israeli territory, resulting in minimal damage and casualties.
Investors have been closely observing Israel’s response to the April 13 Iranian drone attacks.
Throughout this week, the geopolitical risk premium embedded in oil prices has been diminishing as there’s a perception that any Israeli retaliation to Iran’s assault would be tempered by international pressure.
