Markets had been expecting it because of the war of words in recent weeks and had already seen a month-long rise from $84 a barrel to above $90 for the first time since October, when the Israel-Hamas war in the Gaza Strip broke out. .
Today’s first reaction of the markets may be relatively mild, as Tehran yesterday expressed that for it the issue can end here, but if the tension escalates, the price of the barrel of “black gold” will easily climb to 100 dollars and perhaps more than $120, analysts estimate, according to Bloomberg.
If there is no end to the new cycle of confrontation soon, Iran could well, analysts estimate, seal the Strait of Hormuz, through which about 25% of the world’s oil is transported by sea.
The precedent of the storm caused since last November in international shipping and trade by Yemen’s Houthi rebels with attacks on merchant ships in the Red Sea, denouncing the bloodshed in Gaza, is still very fresh.
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