U.S. crude oil jumps 2%, trades near $76 as market waits for Israel strike against Iran

Oct. 7, 2024 - CNBC

U.S.

crude oil rose about 2% on Monday, as the market waited for Israel to strike Iran. Oil prices spiked last week on fears that Israel could hit Iran's oil industry in retaliation for Tehran's ballistic missile attack.

Biden has also said he opposes Israel striking Iran's nuclear facilities. The impact on the oil market would be significant if Israel struck Kharg Island, through which 90% of Iran's crude exports pass, Croft said.

Iran might target the strait in response to an Israeli strike, which would have a far more dramatic effect on crude prices, the analyst said...