WTI, Brent rise as Israel braces for Iran attack

[Pelican Press 0]

WTI, Brent rise as ******* braces for Iran *******

File photo of ******** F-16 fighter jets performing during an air show over the beach in the ******** coastal city of Tel Aviv on May 5, 2022.

Jack Guez | Afp | Getty Images

Crude oil futures rose Friday on reports that ******* is preparing for a direct ******* by Iran this weekend, in what would be the biggest escalation of Middle East tensions since the start of the *******-****** war last October.

The West Texas Intermediate contract for May delivery hit a session high of $87.67, while June Brent futures rallied to $92.18. Exxon Mobil stock hit an all-time intraday high of $123.74 as the oil rally lifted the energy sector.

U.S. crude ultimately gained 64 cents, or 0.75%, at settle at $85.66 a barrel, while the global benchmark settled at $90.45, up 0.79% or 71 cents.

******* is preparing for a direct ******* by Iran on southern or northern ******* as soon as Friday or Saturday, a

This is the hidden content, please

• Sign In
• or
• Sign Up

told The Wall Street Journal. A person briefed by Iran’s leadership told the Journal that no final decision has been made, though plans for a strike are under discussion.

People familiar with Western intelligence assessments told

This is the hidden content, please

• Sign In
• or
• Sign Up

that an ******* by Iran, or its proxies, with drones and missiles against ******* could come as soon as the next 48 hours.

The U.S. embassy in Jerusalem on Thursday

This is the hidden content, please

• Sign In
• or
• Sign Up

and their families from personal travel outside Tel Aviv, Jerusalem and Beersheba “out of an abundance of caution” until further notice.

Oil Prices, Energy News and Analysis

Iran’s Supreme Leader Ayatollah Ali Khamenei has vowed to punish ******* for a missile ******* an Islamic Republic diplomatic building in Damascus, Syria, last week that ******* seven Iranian military officials.

Oil prices rallied after that *******, though futures are down slightly this week as inflation data and U.S. crude stockpiles have weighed on the market.

******* has warned Iran it will strike back against the Islamic Republic if Tehran attacks *******.

“If Iran attacks from its territory, ******* will react and ******* in Iran,” Foreign Minister ******* Katz said on the 

This is the hidden content, please

• Sign In
• or
• Sign Up

on Wednesday, tagging Khamenei.

Brent crude oil futures could spike to $100 a barrel if Iran directly attacks *******, according to Bob McNally, president of Rapidan Energy and a former senior energy official in the Bush administration. If the escalation leads to a disruption in the Strait of Hormuz, a critical trade route for oil, prices could surge to $120 or $130 a barrel, McNally told CNBC.

Don’t miss these stories from CNBC PRO:

This is the hidden content, please

• Sign In
• or
• Sign Up

Exxon Mobil Corp,ICE Brent Crude (Apr'23),WTI Crude (Mar'23),Investment strategy,Oil and Gas,Breaking News: Markets,Markets,business news
#WTI #Brent #rise #******* #braces #Iran #*******

This is the hidden content, please

• Sign In
• or
• Sign Up