Middle-East Tension to Raise Oil Prices by 10% Weekly, Reports Say

Oil prices have risen and threaten to rise even more in the coming days after Israel has vowed to respond to Iran’s Tuesday missile attack on Israel.

According to news agency Reuters, oil prices are set for 10% weekly rise as Middle East tensions heat up. The upward swing of oil prices started after U.S. President Joe Biden said that the US was discussing an Israeli attack on Iranian oil facilities.

Brent crude futures were up $1.09, or 1.4%, at $78.71 a barrel, as of 1120 GMT. U.S. West Texas Intermediate crude futures were up $1.08, also 1.5%, at $74.79 a barrel.

After Iran’s missile attacks on Israel, a fraught Israel had said that Iran had made a mistake by attacking Israel and Israel will respond. It is being widely believed that Israel might choose to attack oil and military establishments of Iran.

The U.S., meanwhile, is reportedly weighing its options whether to support Israel strikes on Iran's oil facilities.