Global oil prices shoot up for third consecutive day amid escalating Middle East conflicts

New York/IBNS: Escalating tensions between Israel and Iran in the Middle East have driven global crude oil prices upward, and the situation could worsen following Iran's launch of around 180 ballistic missiles at Israel in response to the deaths of Hamas, Hezbollah, and Iranian military leaders.

IBNS • 3 Oct 2024, 09:40 am

On Thursday (Oct. 3), oil prices increased for the third straight day, approaching $75 per barrel on average.

This rise followed pledges from Israel and the United States to retaliate, signaling the potential for further escalation in the conflict.

The iCOMDEX Crude Oil index on the Multi Commodity Exchange (MCX) showed oil prices rising to Rs 7,749.35 per barrel, marking a 1.32 percent (Rs 101.11) increase.

This is a rebound from a near two-week low of Rs 7,294.35 on Sept. 26.

International prices for Iran Light and Iran Heavy crude also saw an increase of over 1.5 percent.

Meanwhile, Brent Crude prices rose by 1.31 percent ($0.97) to $74.87 per barrel, while West Texas Intermediate (WTI) crude climbed by 1.48 percent ($1.04) to $71.14 per barrel, as per Bloomberg data.

Brent Crude, sourced from the North Sea in Europe, and WTI, primarily extracted from regions in the United States like Louisiana, Texas, and North Dakota, continue to reflect the market's volatility amid geopolitical tensions, according to reports.