Oil rises sharply after more than 100 Iranian missiles launched at Israel.

Oil prices recorded noticeable increases during trading on Tuesday, coinciding with a rise in geopolitical tensions in the Middle East, particularly between Iran and Israel, following Iranian forces launching airstrikes against Israeli targets.

Current Oil Futures Performance:

In today's trading, US crude futures rose by 2.85%, reaching approximately $70.18 per barrel. Additionally, Brent crude futures increased by 2.56%, hitting levels of $73.79 per barrel.

Reasons for Today's Rise in Crude Oil:

Crude oil prices clearly benefited as concerns grew regarding the potential shortage of oil supplies in the markets in the upcoming period due to escalating geopolitical tensions between Iran and Israel, following the Iranian attack on some Israeli targets.

In the last few hours, eyewitnesses reported to Reuters hearing explosions in Tel Aviv following the start of an Iranian attack on Israel. The Israeli army stated that Iran launched 100 rockets toward southern Israel, explaining that all residents were in shelters before the Iranian attack.

These developments heightened fears of a possible Israeli response against Iran, which raises concerns about the potential expansion of conflict in the Middle East and the outbreak of a major regional war, increasing worries about oil supply shortages in the markets.

Contracts for Other Commodities:

In terms of other commodity trading, heating oil contracts rose by 1.22%, reaching about $2.1824, while gasoline contracts increased by 2.06%, recording approximately $1.9750. On the other hand, natural gas contracts fell by 0.48%, reaching levels of $2.909 per million British thermal units.

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