Oil prices have risen due to fears that Israel may target Iranian oil infrastructure in retaliation for Iran's missile attacks.
Crude oil prices were on the climb again today, fueled by expectations of Israel ’s retaliation against Iran after the latter showered it with missiles earlier in the week, sparking fears of a broader war in the Middle East. The biggest worry is, of course, Israel targeting Iran ian oil infrastructure, which analysts expect it to do.
inventories added evidence that the market is well supplied and can withstand any disruptions,” ANZ analysts wrote, as quoted by Reuters. That statement may be seen as a little questionable since the disruption of Libyan production drove prices higher earlier this year. Libya produces a third of what Iran does in crude oil. Disruption of Iranian production would quite likely have a palpable impact on international markets. On the other hand, as Energy Aspects’ Amrita Sen pointed out to Reuters.
Israel Oil Prices Retaliation Missiles Strait Of Hormuz Oil Infrastructure OPEC+ Saudi Arabia UAE
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