![]() ![]() The OPEC member has seen its production and exports damaged by years of international sanctions, but has nevertheless increased its production over the last year and is suspected of smuggling barrels onto the market. The prospect of Iran being drawn into the conflict presents one of the main risks for the energy market. Hence they have been diving into contracts compounding matters,” explained Stephen Innes, analyst at SPI AM. However, investors are conscious of the “Middle East tinder box’s inherent risk to global oil supply. “Israel is not an oil producer and no major international oil infrastructure runs close to the Gaza Strip or southern Israel,” Edoardo Campanella, analyst at UniCredit, told AFP. Prices are around $90 per barrel, still far from their historical highs. ![]() Increases in oil prices in response to the conflict, triggered by the attack by Hamas in Israel on Oct 7, have so far been relatively mild.īrent, the European benchmark, has gained around 10 per cent, while its American equivalent has gained around 9pc. The escalation of hostilities between Israel and Hamas could further strain global oil and gas supplies, already disrupted by Russia’s invasion of Ukraine, experts have warned.
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