Oil market in tension: prices surged due to the threat of Israeli attack on Iranian refineries.
Oil prices surged due to the possibility of strikes on Iran's oil industry by Israel. Prices for West Texas Intermediate (WTI) increased by 5% and exceeded $73 per barrel. President Joe Biden supports considering such strikes. This has led to a rise in oil prices as the market is concerned about potential supply impacts. Israel has the capability to remove 1.5 million barrels of oil daily from the market.
Additionally, Israeli strikes could lead to a loss of 300,000 - 450,000 barrels of production per day. Traders in the oil sector are preparing for more volatile movements, taking into account Middle East events, with algorithmic traders becoming dominant in the market. Oil prices are also rising due to the OPEC+ announcement of a plan to increase oil production.
Along with the Middle East crisis, there is information about adequate supply in the market. Libya and the US have increased their oil production, which also affects prices.
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