Crude oil prices rose during trading on Wednesday as the conflict in the Middle East escalated, raising fears of disruption to crude production from the region.
Brent crude jumped by 2.3% to USD 75.30 per barrel and WTI crude rose by 2.6% to USD 71.65 per barrel.
Iran fired about 180 ballistic missiles yesterday, in the largest military strike ever directed by Iran against Israel, in response to the assassination of Hezbollah leader Hassan Nasrallah and also Ismail Haniyeh in the heart of Iran.
The question now is, ' how will Israel respond to Iran?'
Forecasts indicate the entity's intention to target Iran's nuclear facilities and energy infrastructure, which promotes a further rise in oil prices, which are now priced by the markets.
On the other hand, we are waiting for the meeting of the OPEC Joint Ministerial Monitoring Committee today to get more signals about the group's next political step.
We do not expect any changes in policy by OPEC and allied producers, since the group was scheduled to raise its production by 180 thousand barrels per day from next December.
