09:30 - 2.10.2024

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October 2, Fineko/abc.az. Prices for oil of benchmark grades are increasing in Wednesday’s trading after significant growth the day before caused by Iran's missile attack against Israel.

The price of Brent crude futures for December on the ICE Futures exchange rose by $1.30 (1.77%) to $74.86 per barrel by 09:28. Following the trading on October 1, December’s Brent crude futures increased by $1.86 (2.59%) to $73.56 per barrel.

The price of November’s WTI oil futures on the NYMEX commodity exchange grew by $1.37 (1.96%) to $71.20 per barrel by 09:28. Following the trading on October 1, WTI oil futures for November increased in price by $1.66 (2.44%) to $69.83 per barrel.

The day before, Iran launched a large number of missiles at Israel. The IDF estimated their number at about 180. The Israeli military said it would respond to the shelling when it saw fit.

The Washington Post, citing Arab officials, reported that Israel made it clear back in April that in the event of new attacks, its army would retaliate against Iranian nuclear or oil facilities.

Iran produces about 3.2 million b/d of oil and exports about half of that volume, said Stuart Glickman, Deputy Director of Research at CFRA Research.