Oil Prices Spike After Iran and Israel Exchange Missile Attacks
OPEC+ Approves Another Oil Output Hike for July Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.… Oil prices started the week higher after Iran launched ballistic missiles at Israel on Sunday night, heightening fears that U.S.-Iran peace talks might once again fall apart.
Israel has since retaliated to the attack with strikes in western and central Iran despite calls from Trump to not respond to the Iranian missiles.
At the time of writing,Brent crudehad climbed 3.45% to $96.30 per barrel, whileWest Texas Intermediatehad gained 3.41% to trade at $93.63 per barrel.
Sunday's missile salvo marked the first direct Iranian attack on Israel since a ceasefire between the two countries took effect in April.
The strikes came just hours after Israel carried out an airstrike in Beirut targeting what itdescribedas a Hezbollah command center.
Iran had warned last week that it would launch missiles at Israel if Beirut was targeted.
Israeli authorities reported that all incoming missiles were intercepted and there were no casualties, but the lack of casualties failed to calm oil markets as fears of a major escalation in the conflict are on the rise.
President Trump attempted to reassure markets that diplomacy remains on track, telling theFinancial Timesshortly after Iran's attack that the United States "calls the shots" and that Israel's Prime Minister Netanyahu "won't have any choice".
The President added that the attacks "will not have any effect" on the deal.
Talking toFox News, Trump said he planned to call Netanyahu and urge Israel not to retaliate, saying, "Each of them had their fun.
Israel had its strike, and Iran had its strike.
Shortly after Trump's statements, Israelannouncedit had struck "military targets belonging to the Iranian terror regime in western and central Iran".
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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