The price of US crude and Brent surged on Wednesday in response to escalating tensions in the Middle East. US crude oil, also known as WTI, jumped 3.56% to $77.39 per barrel, while Brent saw a 3.08% increase to $80.48. The market volatility comes as Iran’s Supreme Leader Ayatollah Ali Khamenei vowed revenge on Israel following the assassination of Hamas’ political chief, Ismail Haniyeh in Tehran. Khamenei stated that Israel had “prepared a harsh punishment for itself” and declared that seeking revenge was their duty. Hamas blamed Israel for the attack, with Haniyeh being killed in an airstrike on his residence after attending the inauguration of Iran’s new president. Hamas announced Haniyeh as a martyr and called on the Palestinian people, Arab and Islamic nations, and free people of the world to stand in solidarity. Israel had previously threatened to target Haniyeh and other Hamas leaders in response to an earlier attack on the country. The escalating tensions in the Middle East are causing concern among investors, leading to the surge in oil prices as uncertainty grows in the region. As the situation continues to unfold, the market will closely monitor developments in the Middle East and the potential impact on oil prices.
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