Oil prices grew by more than 2% on Friday as the ongoing crisis in the Middle East pushed prices higher, fueled by fears regarding the stability of oil supplies. The increase was prompted by reports suggesting that Iran might be planning an assault on Israel using Iraqi territory in the near future. Media outlets have indicated that this potential offensive could involve the use of drones and ballistic missiles. West Texas Intermediate (WTI) for December delivery climbed to $70.30 per barrel, while Brent for February settlement was going for $74.73 per barrel.
Iran said to see not reacting as admitting defeat
Iranian Supreme Leader Ayatollah Ali Khamenei instructed a response to Israel’s recent attack after determining not reacting would signal conceding defeat, The New York Times (NYT) reported on Thursday. According to three Iranian officials, Khamenei’s decision came only after reviewing how much damage was done and what not retaliating would mean. Then, he told the Supreme National Security Council to plan a counterattack. The sources added that the Iranian army is scheming a series of attacks on military targets in Israel, which are probably to happen after the United States presidential election on November 5 as Tehran allegedly does not want its actions to contribute to former head of state Donald Trump’s victory.
Meanwhile, it was reported that Israel suspects Iran’s retaliation could come from Iraq’s territory and potentially before the US election.