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Israel-Iran: oil prices rise more than 3% due to tensions in the Middle East

Israel-Iran: oil prices rise more than 3% due to tensions in the Middle East

The oil prices rose more than 3% in the first hours of the Asian market after reports of explosions in Iran that raise fears of an escalation of the crisis in the Middle East.

The price of a barrel of West Texas Intermediate oil rose 3.66% to US$ 85.76, and a barrel of North Sea Brent rose 3.44% to US$ 90.11.

The price rally comes after reports of explosions in Iran emerged after Israel threatened to respond to a recent attack by the Islamic Republic.

On Saturday, Iran attacked Israeli territory with more than 300 ballistic and cruise missiles, as well as drones, although Israeli air defense forces repelled most of them.

Iranian officials said the move was a response to an earlier deadly attack on its consulate in Damascus, which Tehran blames on Israel.

Israel launches attack on Iran

Israel launched an attack against Iran, in retaliation for the bombing it suffered over the weekend from that country, the US television network ABC reported, citing a senior US official.

Meanwhile, Iran’s state television reported on Friday “loud explosions” heard near the city of Isfahan, in the center of the country, and the Mehr press agency reported the suspension of flights over Tehran and other cities, the Agency reported. AFP.

Source: Gestion

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