As hostilities in Israel escalate, oil traders are focusing primarily on Iran and its possible response. writes about this Bloomberg.
According to experts, since there is no threat to supply, a large-scale increase in prices is not expected yet. But what really matters is the position of Iran, a major oil producer and sponsor of the Hamas group. A possible Israeli retaliatory attack on Iran would increase fears around the Strait of Hormuz, which Tehran has threatened to close. In addition, the USA may impose new sanctions against Iranian oil.
According to expert Bob McNally, an “oil scenario” is possible if the conflict spreads to Iran. For now, he believes this is unlikely. However, tensions are rising due to supply disruptions due to OPEC+ quotas. Last month, Brent rose to almost $100. Trader Pierre Andurand thinks that the conflict is unlikely to affect the market in the short term, but may affect prices over time, causing prices to rise.
Analysts recently reported: attack Israel may increase gold prices.
Previously Russia continued Oil supplies to Brazil