Brent crosses $73.5 after Iranian missile attack

Oil drilling rigs

Oil prices extended gains today, Oct. 1, after Iran fired a barrage of ballistic missiles at Israel in response to a targeted assassination campaign against Tehran's allies.

Brent crude futures for December delivery (the most active) jumped 2.6%, or $1.86, to close at $73.56 a barrel, after touching $75.45.

WTI crude futures for November delivery rose 2.45%, or $1.66, to $69.83 per barrel, after touching $71.94.

Sirens sounded and explosions were heard in occupied Jerusalem, according to media reports. The Iranian Revolutionary Guard Corp (IRGC) announced that it launched dozens of rockets at Israel.

However, Israel’s army radio reported nearly 200 rockets were fired, adding that the attack would have consequences.

On another note, a Bloomberg survey showed that OPEC production fell by 480,000 barrels to 26.61 million barrels per day in September, pressured by a 38% drop in supplies from Libya.

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official inventory data on Oct. 2, amid expectations of a 1.5 million barrel drop in crude inventories.