Oil Jumps With Middle East Tension Keeping Traders on Edge
- Israeli Defense Minister says response will be “deadly”
- Israel’s security cabinet prepared to meet Thursday evening
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Oil surged, snapping a two-day decline, as the market awaited Israel’s response to Iran’s missile attack.
West Texas Intermediate rose more than 3% to settle near $76 a barrel. Israel’s security cabinet plans to meet Thursday evening to discuss how to retaliate against Iran. On Wednesday, Israeli Defense Minister Yoav Gallant said the nation’s response “will be deadly, precise and above all surprising,” while Iran has warned it’s ready to launch thousands of missiles if needed.