Surge in Global Oil Prices After Israel-Iran Conflict

Israel-Iran Conflict has created panic across the world. Soon after the Israel's air attack in Iran oil prices dramatically surged. Soon after the dramatic escalation of tensions in the Middle East the price of Brent crude rose to more than 10%. Even after the oil prices eased a little, Brent crude ended the day trading at $74.23 a barrel, which is still 7% higher than Thursday closing price.

Impact of Israel-Iran Conflict

Impact of Israel-Iran conflict is likely to be visible in India as well as India depends heavily on imports for fuel needs and up to 85 percent of fuel needs are dependent on imports. ONGC and Oil India shares rose up to 4% in the stock market. ONGC share opened at ₹ 251.05 today and reached a high of ₹ 255.15 in the morning.

The Russia-Ukraine war and US-Iran tensions have also increased instability in the oil market. As per the speculations Ukraine's drone attacks will target oil refineries which will lead to surge in oil prices.