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Oil Prices Surge on Fears of Israeli Strikes Against Iranian Facilities and Shipping in Strait of Hormuz
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Oil prices have jumped significantly due to concerns over regional tensions in the Middle East. Brent crude rose by up to 5% to $77.54. The rise in oil prices has also led to an increase in shares of oil companies such as Shell and BP. There are fears that a blockade of a key waterway between Iran and Oman could disrupt oil prices, and that Iran's involvement in the conflict could trigger Israeli strikes on Iranian oil facilities or provoke Tehran to attack Saudi oil fields. US President Biden's comments that he does not expect Israel to retaliate against Iran's missile barrage have not calmed markets, with oil prices continuing to rise.
If Israel's response to Iran is measured, the markets might view it as a sign that both countries prefer to de-escalate after this brief exchange.
We absolutely need to make sure that this does not become a full-scale war, and that's why we need a ceasefire.
Iran made a big mistake tonight and it will pay for it.
The attack failed. It was thwarted by Israel's air defence system, the world's most advanced.
All seven of us agree that they have a right to respond, but they should respond in proportion.
We're in discussion of that. I think that would be a little, anyway.
We do not believe they should strike nuclear sites.
We are having ongoing conversations with them about the options that they are considering, but I am going to keep everything about those conversations private.
Iran will not tolerate any Israeli attack, even against military facilities or security facilities because Iran … considers they are now even … Israel hit twice, Iran hit twice.
A year ago, the mere conflict between Israel and Lebanon would have sent prices soaring into triple digits.
Historically, this lack of price movement is truly strange.
Israel-Iran Conflict
- Netanyahu Seeks US Support for Potential Strike on Iranian Nuclear Sites
- Ex-CIA Analyst Pleads Guilty to Leaking Documents on Israel's Iran Strike Plans
- Iran's Defensive Capabilities Paralyzed by Israeli Strikes
sources
- 1.The Times
- 2.The Times of India
- 3.Al Jazeera
- 4.Daily Sabah
- 5.Le Monde
- 6.CTV News
- 7.France 24
- 8.El Paìs
- 9.BBC
- 10.CNA News
- 11.Agence France-Presse
- 12.Associated Press
perspectives
- 1.US Foreign Policy
- 2.Israel-Palestine Conflict
- 3.British Foreign Policy
- 4.Israel Foreign Policy
- 5.Israel under Benjamin Netanyahu
- 6.2023 Hamas-led attack on Israel
- 7.Intercontinental Ballistic Missile
- 8.Iran Foreign Policy
- 9.Israel-Lebanese Hezbollah Conflict
- 10.Oil Market
- 11.Sunni/Shiites Dispute
- 12.Iranian politics
countries
- 1.United Arab Emirates
- 2.Brazil
- 3.Canada
- 4.China
- 5.Germany
- 6.France
- 7.United Kingdom
- 8.Guyana
- 9.Israel
- 10.Iraq
- 11.Iran, Islamic Republic of
- 12.Italy
organizations
- 1.Hezbollah
- 2.Hamas
- 3.White House
- 4.Shia
- 5.Iranian Revolutionary Guards
- 6.Republican Party
- 7.Houthi
- 8.Palestinian Farmers Union
- 9.Center for International Policy
- 10.Center for Strategic and International Studies
- 11.German Institute for Global and Area Studies
- 12.ING bank
persons
- 1.Joe Biden
- 2.Hassan Nasrallah
- 3.Benjamin Netanyahu
- 4.Ismail Haniyeh
- 5.Matthew Miller
- 6.Naftali Bennett
- 7.Abbas Nilforoushan
- 8.Anthony Blinken
- 9.Bill Blair
- 10.Donald Trump
- 11.Jorge Leon
- 12.Kamala Harris