Oil Prices Jump as Israel-Iran Tensions Raise Fears of Wider Conflict

Post by : Jyoti Gupta

Photo:Reuters

Oil prices went up a lot because people were worried that the fight between Israel and Iran could get bigger and include the United States. On Tuesday, the price for two main types of oil, Brent and West Texas, rose by more than 4%. Now, Brent costs about $76.45 for each barrel and West Texas is $74.84.

The next morning, oil prices went up a little more. At the same time, US stock markets dropped because investors were nervous about what might happen next. The S&P 500 and Nasdaq both fell by almost 1%.

Since last Friday, Israel has bombed several oil and gas places in Iran, like the South Pars gas field and the Shahr Rey oil refinery. So far, these attacks have not stopped oil from moving around the world, but people are worried that the situation could get worse, especially if the US joins the fight.

On Tuesday, President Trump told Iran he wants them to surrender without any conditions. He also warned Iran’s leader, saying the US knows where he is but will not harm him “for now.” Some people are afraid the US might attack Iran’s nuclear sites.

Right now, the world is watching closely because any bigger fight could make oil prices go even higher and affect the global economy.

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