Fuel oil prices have risen in the global market amid rising tensions in the Middle East. Reuters and Al Jazeera reported that prices rose on fears of disruption to crude oil supplies after Iran’s missile attack on Israel.

According to the report, Iran fired a missile at Tel Aviv on Tuesday (October 1) night amid Israel’s attack on Lebanon. The world is worried about the military action of Iran, one of the oil supplying countries. This has intensified the fear of the war spreading to other countries in the Middle East. Oil rose $1.05, or 1.48 percent, to $70.86 a barrel on fears that an all-out war could disrupt supply. US West Texas Intermediate (WTI) confirmed this to the media. Meanwhile, Brent crude rose 83 cents, or 1.13 percent, to $74.39 a barrel.

Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC). The region’s main oil producer fired more than 180 missiles at Israel on Tuesday. Analysts say Iran’s direct involvement in the wars in Lebanon and Gaza raises the possibility of oil supply disruptions.

Meanwhile, an emergency meeting of the UN Security Council has been called to decide on the situation in the Middle East in the face of the threat of all-out war after Iran’s missile attack on Israel. The meeting will be held at the United Nations headquarters in New York, United States, at 10:00 a.m. local time today, Wednesday (October 2).

In a letter to the Security Council, Israel’s ambassador to the United Nations, Danny Danon, said that Iran is trying to destroy his country. Israel wants the meeting to condemn Iran. Apart from this, he will urge the Security Council to list the country’s Islamic Revolutionary Guard Corps (IRGC) as a ‘terrorist organization’.

Iran says Israel is committing genocide in Gaza and Lebanon. Missiles have been fired as a precaution against this. They hope Israel will not retaliate.