“Oil prices fluctuate after a 7%jump on Friday, when Iran Aviv and Israel’s response were exacerbated by the risks of stopping oil exports from the Middle East.”, – WRITE: epravda.com.ua
Reuters writes about it.
On Monday, oil remained volatile after a sharp jump in Friday prices: Brent increased by 0.86% to $ 74.87 and WTI by 1.04% to $ 73.74. During the session, both oilmarks reached more than $ 4 growth, but for a short time also fell.
Iranian missiles hit Tel Aviv and the port of Haif, which caused a new wave of concern among the participants of the G7 summit. Civil victims on both sides and warning of the military about new blows increased fear of escalation.
The key to the Ormouz Strait is the key to 19 million oil barrels – about a fifth of world consumption.
Experts emphasize that hostilities can affect the production of Iran, which supplies up to 3.3 million barrels daily, of which more than 2 million are exported. If exports stop, China will have to refocus on alternative suppliers such as Saudi Arabia or Russia.
In addition, prices for tanker transportation and insurance may increase, which will adversely affect the profitability of processing, especially in Asia. Analysts also remind that OPEC+ free reserves are unlikely to compensate for the loss of Iranian exports.
The United States declared Israel’s support, but did not give a clear response to the ceasefire. Iran, and himself, gave up the negotiations until it was struck.
Recall:
The Gulf Stock Markets fell on Sunday morning after Israel and Iran exchanged new attacks on Sunday night, which caused fear of expanding the conflict in the Middle East.
On the night of May 15, Iran struck another missile strike on Israel. As a result of the attack, three people were killed, more than 200 were injured, about 35 people are considered missing.
On the night of June 13, Israel struck a “preventive blow” aimed at undermining the nuclear program and against Iran’s military facilities.
Shipping companies warn of risks to key maritime routes of the Middle East after the strikes of Israel on Iran.