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Global Oil Prices Surge Amid Fears of Middle East Escalation

Daniel Kim Views  

'이란, 이스라엘 미사일 공격 임박…표적은 정부·군사 부지'
Yonhap News

U.S. intelligence agencies have issued a warning that Iran’s airstrike against Israel, which had previously hinted at a strong retaliation for the attack on their consulate, is imminent.

Bloomberg reported on the 10th (local time), citing reliable sources, that Iran might launch an attack using high-precision missiles within a few days. The likely targets are Israeli government sites and military facilities. One source, based on the assessments of U.S. and Israeli intelligence agencies, pointed out that the question is not if the attack happens but when.

It is unclear whether Iran will mobilize its military to strike Israel directly or conduct the attack through its support groups in the Middle East. Iran has previously used terrorist groups like Hezbollah in Lebanon, the Houthi rebels in Yemen, and pro-Iranian armed groups in Iraq to avoid confrontation with Israel or the U.S. However, U.S. Department of Defense officials believe that Iran may mobilize its military forces to demonstrate its strong will for retaliation this time. The bombing of the Iranian consulate in Syria on the 1st resulted in the death of at least seven officers, including high-ranking Iranian military commander Mohammad Reza Zahedi. Israel, suspected of being behind the bombing, has not made any separate statements.

The U.S. has announced that it is prepared to support Israel in case of retaliation from Iran and its support groups. President Joe Biden said on the day, “We want to address Iran’s threat to initiate a serious attack on Israel,” and “As I told Israeli Prime Minister Benjamin Netanyahu, the U.S. will do everything it can to protect Israel’s security with an ironclad defense.”

Fears of an escalation in the Middle East are putting continuous upward pressure on international oil prices. The price of Brent crude for June delivery traded on the London ICE Futures Exchange closed at $90.48 per barrel, up 1.19% from the previous trading day. Brent crude prices have been moving around $90 after breaking the $91 line based on the closing price on the 5th. West Texas Intermediate (WTI) crude cost for May delivery also closed the day at $86.21 per barrel, up 1.15%.

Daniel Kim
content@viewusglobal.com

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