After Iran launched a missile strike on Israel last week, tensions are cranking up, and Israel looks ready to hit back, which could lead to a direct clash between the two. This has everyone nervous about the oil supply in the region, and sure enough, crude oil futures shot up almost 4% on Monday (Saturday). Brent crude even broke past the $80 mark, hitting its highest since late August.

Jay Hatfield, CEO of Infrastructure Capital Advisors, pointed out that the oil price jump is tied to the conflict spilling over into Lebanon, plus all the buzz that Israel might be planning a counterattack on Iran.

Rising Tensions in the Middle East: How Geopolitical Conflict Impacts Global Oil Prices

Oct 08 2024