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Brent Crude oil hit $93 a barrel on Wednesday as the growing conflict in the Middle East threatens to disrupt supplies.
On Wednesday the Iranian Foreign Minister Hossein Amirabdollahian has called for an oil embargo on Israel with sanctions and expel all Israeli ambassadors.
An urgent meeting with members of the Organization of Islamic Cooperation (OIC) which is taking place in Jeddah, Saudi Arabia to discuss the growing Israeli-Palestinian conflict.
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The Iranian foreign ministry said in a statement, “The foreign minister calls for an immediate and complete embargo on Israel by Islamic countries, including oil sanctions, in addition to expelling Israeli ambassadors if relations with the Zionist regime have been established.”
Brent Crude futures were up $1.33 to $91.23 a barrel and West Texas Intermediate crude (WTI) futures rose $1.28 at $87.94 a barrel.
John Evans of oil broker PVM said, “This turn of diplomatic fortunes again garners fear of conflict spread and therefore the leap in oil.”
“A long occupation looms as the scenario that pushes Brent oil futures above $US100/bbl because it raises the risk that the Israel Hamas conflict expands and potentially draws in Iran directly,” added Vivek Dhar, an analyst at Commonwealth Bank of Australia.
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