The ongoing crisis between Israel and Iran has resulted in substantial fluctuations in oil prices, marking the largest daily surge in three years. Brent crude oil reached as high as $78 per barrel before cooling below $75. Concerns persist that escalating tensions could restrict Iranian oil exports and crude flows from the Middle East, potentially pushing prices up to $120. However, some analysts believe the current pricing may have already accounted for losses and predict stability below $80, helped by US involvement aiming to maintain lower prices.
The escalating crisis between Israel and Iran has triggered the largest single-day oil price surge in three years, raising concerns over future price hikes.
Analysts predict that oil prices could potentially rise to $120 a barrel if the conflict escalates and blocks oil flows from the Middle East.
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