Market Analysis by covering: Brent Oil Futures, Crude Oil WTI Futures. Read 's Market Analysis on Investing.com
Forex insight: UBS warns of rising currency volatility amid Iran conflictcould soar to $150 per barrel or more if the Middle East war continues until the end of March, Kpler says, as the conflict escalates with Iran intensifying attacks on energy infrastructure in the region.
“With this huge outage of supply it is just a matter of time where prices really catch up with the fundamentals here and we just see how bad things are,” Amena Bakr, Kpler’s Head of Middle East and OPEC+ Insights, told CNBC International. This is a supply shock – not only of oil – that hits the world, Bakr added, noting that despite the war, the OPEC+ alliance is likely to survive as-is, as OPEC did in previous conflicts between some of its members.oil prices soared by 6% to above $114 per barrel as the Iranian attacks on Middle Eastern oil infrastructure continue while the Strait of Hormuz remains closed to vessels other than Iranian cargoes. Wednesday’s strike on Iran’s huge South Pars gas field has prompted Iran to retaliate by attacking energy infrastructure in Qatar and Saudi Arabia. Iran hit Qatar’s Ras Laffan industrial complex, the world’s largest liquefied natural gas facility, with QatarEnergy confirming “extensive damage” on the site that has been halted since the beginning of the war. Separately, reports emerged that the Samref refinery at Yanbu on Saudi Arabia’s Red Sea coast has also been targeted, with a minor impact. The Iranian retaliation “raises fears of a more prolonged disruption to Persian Gulf energy supplies,” ING commodities strategists Warren Patterson and Ewa Manthey said on Thursday. Attacks on energy infrastructure eclipse the efforts of the U.S. Administration to contain the surge in oil prices and, “especially amid retaliation, point to additional upside for prices,” the strategists added. Analysts have been talking about $200 per barrel oil for more than a week, even before Iran warned of such price amid escalating attacks in the Middle East.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
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