Oil prices rise by about 2% amid fears of escalating conflict in the Middle East

Oil prices rose during trading on November 1, as reports circulated that the conflict in the Middle East would escalate in the coming days.

Brent crude futures rose by about 2% to $74.29 per barrel, and Texas crude futures rose by 2.3% to $70.86 per barrel.

Axios reported yesterday that Iran is preparing to attack Israel from Iraqi territory in the coming days, and there is a possibility that this will happen before the US elections, which will be held on November 5.