US-Iran tensions raise oil price

This is the first time in three months that the price of oil catches such a huge increase as concerns increase over the escalation of military tensions between Iran and the United States.

The price of oil in markets known as “Brent” reached $70,74 per barrel, the largest increase since September, following the attack on Saudi oil processing facilities.

Stock markets were also on the decline amid fears that Iran could come to life with the promise of “severe action”, as its leaders have indicated.

Fears that Iran could hit oil objects considered important for the United States and its allies in the Persian Gulf come as a result of previous attacks widely attributed to Iran.

The United States has blamed Iran for a wave of provocative attacks in the region, including the sabotage of oil vessels and attacks on oil infrastructure in Saudi Arabia in September that halved production, Top Channel records.

Iran has denied involvement in these attacks. Some experts say that a geopolitical crisis in the Middle East may not have as big effects on the price of oil as it once did.

Currently, the American energy industry is able to increase oil extraction from shale layers in countries like Texas.