“Crude Oil Prices Today: WTI, Brent Fall as Rally Takes a Pause”
Crude oil prices represent the cost of a barrel of oil in the international market.
These prices impact various sectors, including transportation, manufacturing, and energy production.
Supply and Demand, geopolitical events amd economic growth impact oil prices
Brent Crude: Used as a global benchmark, Brent crude oil is extracted from the North Sea and traded on the London-based ICE Futures Europe exchange. West Texas Intermediate (WTI): A benchmark for oil prices in the United States, WTI is extracted from shale formations in Texas.
West Texas Intermediate futures hit a session high of $87.67 a barrel on multiple media reports that Israel is preparing for an imminent attack by Iran. The U.S. embassy in Jerusalem has restricted government employees and their families from personal travel outside Tel Aviv, Jerusalem and Beersheba “out of an abundance of caution.” Brent crude oil futures could spike to $100 a barrel if Iran directly attacks Israel, according to Bob McNally, president of Rapidan Energy.
“If Iran attacks from its territory, Israel will react and attack in Iran,” Foreign Minister Israel Katz said on the social media platform X on Wednesday, tagging Khamenei. The recent pause in the rally highlights the uncertainty surrounding crude oil markets.