Oil prices rose slightly on Tuesday night following Iran’s attack with more than 200 missiles on Israel.
This is a “response” to the neutralization of the Hezbollah leadership group, which in turn could bring Israeli retaliation and ultimately lead to what everyone is supposedly trying to avoid: all-out war.
The oil market has so far been betting on a scenario of self-restraint on all sides. But she could not remain “immune” in the face of today’s events.
Following the Iranian attack, Brent rose 2.8% to $73.8 a barrel, while US crude (WTI) rose 3% to $70.2 a barrel.
Worrying about the next day
This is a rise that clearly indicates concern, although panic is avoided for now. After all, an obstacle to further growth is Saudi Arabia’s intention to put more oil on the market in order to guarantee its share, even at lower prices.
This does not mean that oil will remain cheap regardless of developments in the Middle East. A large-scale regional conflict could lead Iran to withdraw the most powerful weapon at its disposal: the closure of the Strait of Hormuz.
As it is the main artery of world trade, with a decisive role mainly in the transport of oil, it has much more power than any ballistic missile.
Experts warned that in the event of a large-scale regional war, prices could rise by $30 in 24 hours, breaking the $100 per barrel barrier.
