WTI crude oil futures rise to 71-dollar level in New York trading | NHK WORLD-JAPAN News

The benchmark WTI crude oil futures rose to the upper 71-dollar level per barrel at one point in New York on Tuesday, the highest level in about a week.

The rise came after a report of Iran’s missile attack against Israel.

The report led some investors to believe that the Middle East situation could worsen and have a negative effect on crude oil supply.

Market sources say concerns mounted as investors had not considered the possibility that Iran would attack Israel at this time.

In Tokyo, share prices slipped on Wednesday, with the key Nikkei index briefly falling more than 700 points from Tuesday’s close.

Analysts say that investors are placing sell orders as they are trying to avoid risks due to concerns over rising tensions in the Middle East.

Analysts also say that investors are placing buy orders for oil and shipping stocks as they expect crude oil supplies to tighten.