Global oil prices surge amid rising tensions between Israel and Iran

KATHMANDU, MAY 22: Global oil prices have surged following growing concerns over potential disruptions in crude oil supply. The rise is attributed to escalating regional tensions after Israel threatened to target Iran’s nuclear facilities.

On Tuesday (May 20), U.S. media reported that Israel is preparing for a possible strike on Iran’s nuclear sites. This development has heightened fears of conflict in the region and possible interruptions in oil supply, leading to a dramatic rise in oil prices the following day.

On the New York Mercantile Exchange, futures prices for light crude oil for July delivery rose by 96 cents, a 1.6 percent increase. Similarly, Brent crude oil futures for July delivery went up by 97 cents, or 1.5 percent.

Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), and any military action by Israel is expected to disrupt Iran’s oil exports, further tightening global supply.

(International news sources)