Oil prices rose as much as 12 per cent in the immediate aftermath of Israel’s attacks on Iran’s nuclear facilities. Over the weekend the conflict escalated further with Israel hitting, among other targets,

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Richard Yetsenga, Group Chief Economist at ANZ Research, shared his insights on oil, trade, and the geopolitical forces shaping global markets.

West Texas Intermediate (WTI) Oil price is trading around $71.90 per barrel after pulling back from five-month high of $74.74, which was recorded on June 13. However, the downside of the Oil prices seems limited due to heightened fears of supply disruptions amid rising geopolitical tensions in the Middle East.

What is the biggest US crypto news today? JPMorgan says an attack on Iran could spike oil prices to $120, driving US CPI inflation to 5%.