DUBAI, April 14 — Iran’s attack on Israel has injected fresh anxiety into oil markets already roiled by regional tensions, but analysts stress that it is unclear if a...
Iran’s attack on Israel has injected fresh anxiety into oil markets already roiled by regional tensions, but analysts stress that it is unclear if a durable price spike is imminent. — Reuters picDUBAI, April 14 — Iran’s attack on Israel has injected fresh anxiety into oil markets already roiled by regional tensions, but analysts stress that it is unclear if a durable price spike is imminent.
Oil prices had already jumped in the build-up to the Iranian attack, with benchmark Brent North Sea Crude closing yesterday at US$90.45 per barrel. Iran also has a range of ways to wreak havoc with markets, including disrupting maritime traffic through the Strait of Hormuz and pressuring countries such as Iraq to cut supply, Harami said.Fallout from the six-month-old war between Israel and Hamas in Gaza — along with other geopolitical hotspots like Ukraine — has already driven up oil prices in recent months.
The war began with Hamas’s unprecedented October 7 attack on southern Israel that resulted in the deaths of 1,170 people, mostly civilians, according to an AFP tally based on Israeli figures. Ole Hansen, head of commodity strategy at Saxo Bank, also said crude prices “already included a risk premium” before Iran unleashed its missiles and drones, almost all of which were intercepted before reaching Israel, Israel’s army said.Further price increases will almost exclusively depend “on developments near Iran around the Strait of Hormuz” which connects the Gulf with the Indian Ocean, Hansen said.
Iran-Israel Conflict Oil Prices
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