Brent crude oil prices reached $75 per barrel on Wednesday following Iran's missile attack on Israel, heightening concerns about a possible escalation in Middle East tensions, which could negatively impact oil production.

At 10:11 AM Cyprus time, oil prices surged by over $1.50. Brent crude rose by 2.07%, reaching $75.06 per barrel, while West Texas Intermediate (WTI) saw a 2.34% increase, climbing to $71.44 per barrel.

Iran, a key OPEC member, is the largest oil producer in the Middle East.

According to Iranian state television, Iran’s armed forces launched 200 missiles at Israel in Tuesday night’s attack. The Israeli military reported that Iran fired around 180 missiles at Israeli territory, with most intercepted and destroyed.

Oil prices have been declining in 2024, with Brent crude falling below $70 per barrel last month for the first time since 2021, driven by concerns over global demand and increasing supply outside of OPEC+.