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Oil prices soared after news of Israel attacking Iran

Apr 19, 2024

Tel Aviv [Israel], April 19: Oil prices increased nearly 4% after the media simultaneously reported that Israel had retaliated against Iran, potentially pushing the Middle East region into a wider conflict.
CNN reported that oil prices increased nearly 4% while US stock futures prices dropped sharply on the evening of April 18 (US time) after multiple explosions occurred in Iran , suggesting that Israel had attacked in response.
US oil prices increased 3.7% to 85.8 USD/barrel. Brent crude oil increased 3.4% to 90.13 USD/barrel.
Dow Jones futures fell 480 points, or 1.3%, while the Nasdaq index also lost nearly 2%.
Regarding the explosions in Iran as well as Syria, the Israeli side has not yet confirmed. According to AFP, the Israeli military said it "does not comment at this time" on information about explosions and attacks in Iran and Syria. However, in a separate announcement, the Israeli military said sirens had sounded in northern Israel bordering Lebanon, where pro-Iranian Hezbollah forces are located. In the update, they said it was just a false alarm.
Although Israel did not comment, CNN quoted a US official confirming that the ally had attacked Iran. Because this makes it clear that the target is not nuclear facilities. Another senior US official said the US did not give the green light for Israel's action this time.
Iran's Fars agency quoted several sources as saying that the air defense system in the central city of Isfahan was activated to fight "an object suspected of being an unmanned aerial vehicle (UAV)", and three incidents. Explosions were heard near a military base northwest of the city, according to Reuters.
In addition, Iranian State Television reported that nuclear facilities in Isfahan province suffered no damage, when air defense systems were activated in Isfahan city to fight suspicious UAVs.
Iranian Space Agency spokesman Hossein Dalirian announced that the country had shot down a number of UAVs, and affirmed that "there are currently no missile attacks" on the country, according to AFP.
The incident occurred just hours after Iranian Foreign Minister Hossein Amir-Abdollahian vowed to respond "immediately and at the maximum level" to any military action by Israel.
During the night of April 13 and early morning of April 14, Iran launched hundreds of UAVs and missiles at Israel in a retaliatory attack after the attack on the Iranian diplomatic building in Syria on April 1. Most of those drones and missiles were shot down before reaching Israeli territory.
Source: Thanh Nien Newspaper