Oil prices lower after Iran attack on Israel
Early in Asian trading, oil prices experienced a decline following Iran’s retaliatory strike on Israel during the weekend. Despite this, Brent crude, a crucial global oil price benchmark, remained lower but hovered around $90 per barrel on Monday morning.
Anticipation of Iran’s actions had already propelled prices upward, with Brent crude nearing a six-month peak the previous week.
Israeli Defence Minister Yoav Gallant has said the confrontation with Iran is “not over yet”.
Energy analyst Vandana Hari said: “Clearly, the oil market does not see the need to factor in any additional supply threat at this point.”
While Brent crude might dip below $90, a substantial retreat seems improbable as traders keep their attention on the Gaza and Ukraine conflicts.
Analysts say that Israel’s response to the attack will greatly influence global markets in the ensuing days and weeks.
‘World cannot afford more war’ – UN chief
"Neither the region nor the world can afford more war."
— Al Jazeera English (@AJEnglish) April 15, 2024
The UN has called on Iran and Israel to show restraint, with the threat of a full-scale direct conflict between the pair looming over the Middle East https://t.co/S6O1IstT0R pic.twitter.com/Ogyn5BBgvg