Iran's oil bases at risk of possible retaliatory attack from Israel.

The escalation of tensions in the Middle East, particularly between Iran and Israel, has had a major impact on oil trading. This morning alone, West Texas Intermediate rose 2.51% to $71.58 per barrel, with Brent rising 2.32% to $75.27.

Israeli Prime Minister Benjamin Netanyahu told the US newspaper Axios on Tuesday, 1st, Iran's oil facilities are in Israel's sights and could suffer significant retaliation.

According to what has become public, Israeli government sources indicate that the attack is being considered for the coming days and could hit a number of strategic locations in the country, including oil production facilities.

In a threatening tone, Benjamin Netanyahu said that Iran would "pay the price" for the "grave mistake" it made. “The Iranian regime does not understand our determination to defend ourselves and hold our enemies accountable,” he stressed. However, “those who attack the State of Israel pay a high price,” the leader declared.

At the time, the Israeli Foreign Minister reacted to the attack. Quoted by The Guardian, Israel Katz declared that Iran “crossed the red line” and that, for this reason, Israel “will not remain silent.”

Impact on oil production

In the wake of Iran’s attack on Israel, which took place this Tuesday, crude oil prices soared by more than 5% - and the prime minister’s promise of retaliation continues to fuel the raw material.

This morning alone, West Texas Intermediate (WTI), the benchmark for the United States, rose 2.51% to $71.58 per barrel. Brent, the benchmark for the European continent, rose 2.32% to $75.27.

With agencies