Crude Oil Prices In Flame As The Middle East Crisis Escalates News24 –

Iran-Israel Conflict: Global Crude Oil Prices are on a rising streak as the crisis in the Middle East continues to escalate. Brent Crude futures rose 2.25% to close at $76.05 per barrel during Friday’s Trade. U.S. West Texas Intermediate crude also gained 2.27%, closing at $71.78. Both Crude futures posted a weekly gain of approximately 4%.

Meanwhile, Global equities declined on Friday, ending the week in red due to US election uncertainty. The S&P 500 benchmark index slipped marginally, finishing the week with a loss of almost 1%. The Dow Jones Industrial Average dropped 0.61%. European shares dipped 0.03%, while MSCI’s Asia-Pacific index, outside Japan, slipped 0.02%, posting a weekly loss of almost 2%.

Iran-Israel Conflict: What’s Happening In The Middle East?

The Israel Defense Forces launched targeted strikes against Iranian military targets early Saturday morning, calling it ‘precision strikes’. Iran’s massive ballistic missile attack on Israel on October 1 involved nearly 200 missiles, escalated the tensions between the two nations. However, Israel’s air defence systems successfully intercepted most of Iran’s ballistic missiles.

Israel launched airstrikes on Iranian military targets in direct retaliation for the massive ballistic missile attack Iran unleashed on October 1. This was the Iran’s direct entry in the ongoing Hamas-Israel conflict.

The Iran-Israel conflict has its origins from the 1979 Iranian Revolution, which led to the establishment of an Islamic regime deeply opposed to US influence and interests, sowing seeds of animosity between the Iran and Israel.

Following Israel’s strike, Iran has pledged to respond to what it calls an ‘act of aggression’. Iran has issued a stern warning to Israel, stating that any action taken by Israel will be met with a “proportional reaction”, reported Iran state media quoting sources.

According to the Iranian military, the attack resulted in ‘limited damage’ in several places.