Oil Prices Climb on Expectations of Further Escalation in the Middle East

Crude oil prices rose further today on fears that the war in the Middle East is going to get bigger and more intense after Iran fired missiles at Israel, with WTI still above $70 and Brent crude close to $75 per barrel. Tehran said early today that the attack was over—unless there was further provocation—while Israel essentially signaled it would guarantee such “provocation” as Prime Minister Benjamin Netanyahu vowing Iran “will pay” for the attack. The UN’s Security Council has scheduled a meeting to discuss…