Following attack by Israel on southern Iran, oil prices have seen a rise. The Middle East which is a major global crude oil producer, faces escalating tensions between Iran and Israel. The region's instability poses risks to oil markets, with potential supply shortages affecting global oil prices. As per recent statistics, the Middle East accounts for over 30% of global crude oil production. Tensions escalated between Iran and Israel when on April 13, Iran unleashed a barrage of drones and missiles on Israel in retaliation for a suspected Israeli strike that resulted in the deaths of top Iranian officials in Syria. Israel-Iran War: Israeli Missiles Strike a Site in Iran Following Missile and Drone Attack on Tel Aviv by Revolutionary Guards.

Iran-Israel War

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