Oil prices rose by over $1 today as reports that the US military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East-producing region.

The strikes on two facilities in eastern Syria used by Iran’s Islamic Revolutionary Guard Corps and groups it allegedly backs were in response to recent attacks on US troops in Iraq and Syria, the Pentagon said on Thursday. Those attacks have increased since the start of the Israel-Hamas conflict on Oct 7.

Though the strike did not directly impact supply, it increases fears that the conflict in the Gaza Strip between Israel, backed by the US, and Hamas may spread and disrupt supply from major crude producer Iran. A wider war could also impact shipments from Saudi Arabia, the world’s largest oil exporter, and other large producers in the Gulf.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...