Iran has ordered a direct strike against Israel, according to the New York Times.
Crude oil futures extended a rally as Iran has vowed to avenge the assassination of a top Hamas leader in Tehran.U.S. crude oil futures broke above $78 per barrel Thursday on fears that Israel and Iran are heading to a direct conflict after the assassination of a Hamas leader in Tehran.
Iran Supreme Ayatollah Ali Khamenei has ordered a direct strike on Israel in response to the assassination of Hamas political leader Ismail Haniyeh,Khamenei ordered the direct strike at an emergency meeting of Iran's national security council Wednesday morning after Haniyeh was killed, the officials told The Times.
"The assassination of the Hamas political leader Ismail Haniyeh overnight in Tehran moves this conflict appreciably up the escalatory ladder and edges the region closer to a wider war," Helima Croft, head of global commodity strategy at RBC Capital Markets, told clients in a note Wednesday. Iran and Israel traded direct strikes in April, pushing oil prices to the highest point of the year, but they enemies ultimately pulled back from a full-scale war.At the time of writing, we are not certain whether the same containment dynamics will prevail, especially given that this current chapter involves Hamas, Hezbollah, as well as Iran," Croft wrote.The rising tensions come as an OPEC+ committee is meeting Thursday to review members' production quotas.
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