Oil prices in lenses, concerns about the raw market due to the Middle East conflict

Oil prices are jumping, and stocks on Friday fall over the Israeli attack on Iran’s nuclear weapons and military purposes to further exacerbate and ruin the flow of crude oil worldwide, as well as the global economy.

West Texas intermediate price – benchmark in US crude oil – rose close to seven percent on Friday morning to around $ 72.65.

The international standard Brent Crude was also about seven percent to $ 74.30 per barrel.

Western Canada Select was sold about $ 57.34 for a barrel Friday morning.

Iran is one of the largest oil production in the world, although Western sanctions have limited its sales. If a wider war stands out, it could slow down Iran’s oil flow to its customers and maintain the price of raw and gasoline higher for everyone around the world.

In addition to the oil coming from Iran, analysts also pointed to the possibility of disorders in the Hormuz Strait, a relatively narrow waterway off the Iranian coast, through which much of the world’s oil moves on ships.

But the attacks on the past with Iran and Israel have initially seen oil spike prices, just to fall later, “when it became clear that the situation would not accelerate and had no effect on oil supply,” said Richard Josvik, the closest oil manager for global goods.

It is Wall Street waiting to see what happens next.

For the time being, oil prices have risen, but it is still lower than earlier this year.

“This is an economic shock that no one really needs, but what seems more like a mood than the basics of the economy,” said Brian Jacobsen, the chief economist of the addition to Wealth Management.

Global stock markets also dip news from the Middle East with TSX, Canada’s main stock indexAbout 25 points to 26,590 around the East Lunch.

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Till Dow Jones industrial average It had fallen by about 400 points to 42,572.79, and Nasdaq composite ranged from 100 points to 19,561.

Exxon Mobil shares rose 1.5 percent, and Conocophillips got 1.9 percent as the price of crude oil jumps for higher profits.

The Canadian dollar was just up to 73.63 cents.

The price of gold also increased by about 1.5 percent to more than $ 3,400 and close to a record height as investors were looking for safer places to place cash.

While prolonged higher oil prices will probably lead to a rise in gasoline prices, it could be a blessing for Albert’s provincial budget, which predicted a $ 5.2 billion deficit in the hope that oil prices would have an average of about $ 68 per barrel.

Each oil price increase of USD 1 is expected to increase the provincial government by approximately $ 750 million.

– With files from Reuters and Global News.