Global Oil Prices Rise After Iran Attacks Israel, Wednesday (October 2, 2024)

Investing.com data shows that West Texas Intermediate (WTI) and Brent crude oil prices have risen in recent days.

On Wednesday (October 2, 2024), at approximately 7:00 PM WIB, the WTI oil price was recorded at US$71.38 per barrel. This is a 2.22% increase from Tuesday (October 1, 2024), when it was US$69.83 per barrel.

The WTI oil price on Tuesday also rose from US$68.17 per barrel on Monday (September 30, 2024). However, over the past week, the WTI price fell for three days.

In contrast, the Brent oil price reached US$75.53 per barrel today. This is a 1.44% increase from Tuesday's price of US$74.46 per barrel.

Brent crude oil strengthened for four days last week.

The rise in global oil prices coincides with Iran's missile attack on Israel on Tuesday night (October 1, 2024).

According to Katadata, the Israel Defense Forces (IDF) identified approximately 180 missiles fired from Iran towards Israel. Most of the missiles were intercepted, although some attacks were successful.

The market is closely monitoring whether Iran's missile attack on Israel will lead to further escalation of the conflict in the Middle East.

"Many are complacent about this war," said Helima Croft, Head of Global Commodity Strategy at RBC Capital Markets, as quoted by CNBC on Wednesday (October 2, 2024).

She stated that traders largely ignored the threat of oil supply disruptions from the escalating tensions in the Middle East. Instead, the market is observing whether Israel might target Iranian nuclear facilities or oil infrastructure in response to the attack. Iran produces more than 3 million barrels of oil per day, the highest level in five years.

"We need to think about scenarios where Iranian oil supply is at risk," Croft said.

(Read Katadata: [Oil Prices Surge After Iran Launches Missiles at Israel](https://katadata.co.id/berita/energi/66fc9d66c056a/harga-minyak-melambung-setelah-iran-menembakkan-rudal-ke-israel))