Fact Check: "The world benchmark oil price to jump to $73 a barrel as of noon Eastern time Friday, up $8 since early Wednesday"
What We Know
On Friday, the price of crude oil saw a significant increase due to escalating tensions in the Middle East, particularly following an Israeli attack on Iran. Reports indicate that the benchmark Brent crude rose more than 10%, reaching around $74.47 a barrel, while West Texas Intermediate (WTI) crude futures settled just below $73 per barrel, marking a 7.2% increase from previous levels (BBC, Trading Economics). The surge in prices was attributed to fears that the conflict could disrupt oil supplies from the region, which is crucial for global energy markets (Reuters, NPR).
Analysis
The claim that the world benchmark oil price jumped to $73 a barrel is supported by multiple credible sources. The BBC reported that Brent crude was trading at approximately $74.47, while WTI crude was just below $73. This aligns with the assertion that there was a significant increase in oil prices, specifically noting an $8 rise since earlier in the week. However, the exact timing of the $73 benchmark is slightly ambiguous, as it refers to WTI prices which are often used interchangeably with Brent prices in discussions about oil markets.
The NPR report corroborates this by stating that crude oil prices were nearing $73 a barrel, indicating a substantial increase due to geopolitical tensions. Additionally, the Trading Economics data supports this by showing a rise in WTI crude prices to just below $73, confirming the claim's accuracy.
While the sources are reliable, it's important to note that the price fluctuations in oil markets can be volatile and subject to rapid changes based on geopolitical events, which may affect the sustainability of these price levels.
Conclusion
The claim that the world benchmark oil price jumped to $73 a barrel as of noon Eastern time on Friday is Partially True. While the price did indeed rise significantly and approached the $73 mark, the specifics of the benchmark can vary slightly depending on whether one refers to WTI or Brent crude prices. The overall context of rising prices due to geopolitical tensions is accurate, but the exact figures may fluctuate based on real-time market conditions.
Sources
- Global oil prices soar after Israel attacks Iran - BBC
- Morning Bid: Middle East tensions drive oil prices - Reuters
- The MAGA split over Israel - Politico
- Crude Oil - Price - Chart - Historical Data - News - Trading Economics
- Oil prices jump and stocks tumble following Israel's attack - NPR
- Oil prices jump nearly 6% amid geopolitical tensions - CNBC
- Oil Price Charts | Oilprice.com - Oilprice.com
- Crude Oil Prices: West Texas Intermediate (WTI) - FRED
