Crude oil futures saw a boost on the first day of the second quarter of trading as reports emerged of a missile strike on the Iranian consulate in Damascus, Syria. The West Texas Intermediate contract for May delivery rose by 54 cents, settling at $83.71 a barrel, while the Brent contract for June delivery increased by 42 cents, settling at $87.42 a barrel.
According to Syrian and Iranian state media, the missile strike was carried out by Israel and resulted in casualties, including a senior commander in Iran’s Revolutionary Guard. This incident has been seen as a clear escalation of conflict in the already volatile Middle East region.
Analysts are closely monitoring the situation, stating that this event could have a significant impact on oil prices in the near term. The ongoing tensions in the area could lead to further instability and uncertainty in the global oil market.
As the situation continues to unfold, investors and traders are advised to keep a close eye on developments in the Middle East, as any further escalations could have major repercussions on the oil industry. Stay tuned for updates on how this event will impact the energy sector and global markets.
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