Israel's recent extensive military action against Iran has led to a dramatic surge in global oil prices, which increased by up to 15%. Analysts speculate that if the conflict escalates to involve other Middle Eastern nations, crude oil could approach $100 per barrel, reminiscent of prices during the onset of the Ukraine conflict. Israeli Prime Minister Netanyahu confirmed that the attack specifically targeted Iran's nuclear program and ballistic missile capabilities, signaling potential for Iranian retaliation. The situation reflects the delicate balance of oil supply and geopolitical tensions, notably affecting global inflation and consumer confidence.
Israel's attack on Iran has caused a significant increase in oil prices, rising up to 15% amid fears of a wider conflict in the Middle East.
Netanyahu stated, 'We targeted Iran's leading nuclear scientists... struck at the heart of Iran's ballistic missile program.' This escalates tensions in the region.
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