Oil prices may experience a historic surge as Brent crude rises to a six-month high

This afternoon Beijing time, Israel launched an attack on Iran, with multiple missiles hitting various targets in Tehran and causing explosions. Since there were no futures trades in the financial markets today, the immediate impact of this sudden event on international oil, gold, and silver prices cannot be seen yet. However, recent requests from countries like the U.S., Canada, and India for their citizens to evacuate Iran have already heightened market concerns. International oil prices have risen this week and have shown significant increases throughout February. Among them, Brent crude has reached a six-month high. It can be said that, in the context of an “oversupply” in the crude oil market, Middle East geopolitical conflicts are the main reason for the rising risk premium on crude oil. In the most extreme scenario, if Iran attacks oil facilities in other Gulf countries and disrupts the region’s daily supply of about 18 million barrels of crude oil, international oil prices could surge to historic levels, exceeding $130 per barrel. (CCTV Finance)