Oil Prices Surge Over 3% Amid Escalating Middle East Tensions

Global crude oil prices surged over 3% on October 2, 2024, as concerns grew about potential disruptions to Middle East oil output following Iran's largest-ever military attack on Israel.

The Brent futures rose by $2.42 (3.3%) to reach $75.98 per barrel, while US crude spiked by $2.47 (3.5%) to $72.30 per barrel.

The tensions escalated as Iran stated that its missile attack was over unless provoked further, while Israel and the U.S. vowed retaliation against Tehran.

The United Nations Security Council convened a meeting about the Middle East crisis, with the European Union calling for an immediate ceasefire.