Brent Crude rose to 3% to 75.83 Wednesday morning as markets reacted to missile strikes by Iran on Israel in response to the assassination of Hezbollah leader Hassan Nasrallah and the Israeli invasion of Lebanon.
Violence is expected to continue in the region with tit-for-tat reprisals expected in the oil-producing region.
The price rise came as Saudi Arabia warned that oil prices could drop to $50 per barrel if members of OPEC+ continued to ignore their output quotas, according to the Wall Street Journal.
Saudi Arabia is voluntarily keeping 1 million barrels per day off the market and has been meeting its oil output targets consistently.
By Staff
