Oil stocks surge as crude prices spike amid rising Middle-East tensions

The crude oil prices are on the boil as tensions grew heavier between Israel and Lebanon. In the latest, Israel bombed central Beirut in the early hours of Thursday, killing at least six people, after its forces suffered their deadliest day on the Lebanese front in a year of clashes against Iran-backed armed group Hezbollah, according to a report by Reuters.

Earlier, reports indicated that the Israeli military has confirmed the deaths of eight soldiers, including a team commander, during ground operations in southern Lebanon. This escalation follows missile attacks from Iran targeting Tel Aviv, with Israel’s military chief warning of an imminent response to Iran.

Iran launched a significant missile barrage at Israel on Tuesday night, marking its largest-ever attack on the country. The strikes targeted military bases but were largely intercepted by Israel’s aerial defences, supported by allies such as the US and the UK.

Tehran deployed ballistic missiles, which travel on trajectories outside or near the limits of Earth’s atmosphere, in this attack. Similar weapons were used against Israel earlier this year.

While the specifics of the attack’s timing and nature were not disclosed in advance, it was not unexpected. World powers had been warning for months about a potential “regional escalation” stemming from Israel’s war on Gaza, which has resulted in the deaths of approximately 40,000 Palestinians. 

This escalation followed a Hamas attack on October 7, 2023, that killed about 1,200 Israelis. Israel is currently facing allegations of genocide at the International Court of Justice.

At 10:22 AM; ONGC was up 0.86 per cent, Petronet LNG surged 2.75 per cent, Hindustan Oil Exploration increased by 0.56 per cent and GAIL advanced by 0.48 per cent. 

First Published: Oct 03 2024 | 10:33 AM IST