Oil prices are expected to rise following Iran’s attack on Israel, however, analysts say whether oil prices fall or rise depends on how Israel and the West choose to respond. .
Iran fired more than 300 explosive drones, ballistic and cruise missiles at Israel late Saturday night in response to a suspected Israeli attack on its consulate in Syria on April 1, Iran’s first direct attack on Israeli soil that caused extensive damage. It has given rise to fears of regional conflict.
The threat of Iran’s response to the attack on its embassy compound in Damascus sent oil prices higher last week and helped send global benchmark Brent crude to $92.18 a barrel on Friday, the highest since October. is the most
Another factor is shipping through the Strait of Hormuz, through which regarding a fifth of the world’s total oil consumption passes daily.
The commander of Iran’s Revolutionary Guards Navy said on Tuesday that Tehran might close the strait if deemed necessary.
“Crude prices already include a risk premium, and the extent to which this will increase depends on developments closer to Iran around the Strait of Hormuz,” says Saxo Bank’s Ole Hansen. ‘
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2024-04-15 15:53:34
