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7mo ago

Middle East Tensions Surge as Israel Considers Striking Iran's Oil Facilities

The conflict between Israel and Iran has escalated, raising concerns over potential impacts on global oil markets and the U.S. presidential campaign.

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File Photo
Brent crude oil prices jumped 8% over the past week, settling at $78.05 a barrel on Friday.
An Israeli army main battle tank moves at a position along the border with Lebanon in northern Israel on Oct. 1.
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Overview

  • Iran launched a significant missile attack on Israel, prompting discussions of Israeli retaliation targeting Iran's oil infrastructure.
  • President Biden has advised Israel against striking Iranian oil fields, highlighting potential global economic repercussions.
  • Oil prices have already increased amid fears of further escalation, with potential impacts on consumer prices in the U.S.
  • Iran has threatened to disrupt oil shipping routes if its oil facilities are targeted, which could further destabilize global markets.
  • The ongoing conflict poses political challenges for the Harris campaign, as rising gas prices could influence voter sentiment ahead of the election.