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Oil prices jumped about 4% on Tuesday after Iran fired a salvo of ballistic missiles at Israel in retaliation for Israel 's campaign against Tehran's Hezbollah allies in Lebanon.Alarms sounded across Israel and explosions could be heard in Jerusalem and the Jordan River valley after Israel is piled into bomb shelters.Brent LCOc1 futures were up $2.51, or 3.5%, to $74.21 a barrel by 1:52 p.m. EDT , while U.S. West Texas Intermediate crude CLc1 rose $2.41, or 3.5%, to $70.58.
Before the news of a possible missile attack by Iran, the oil market was trading down near a two-week low as the outlook for increased supplies and tepid global demand growth outweighed fears over an escalating Middle East conflict and its impact on crude exports from the region.A panel of ministers from the OPEC+ producer group will meet on Oct. 2 to review the market, with no policy changes expected.
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