Monday, May 27, 2024
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After Iran Attacked Israel, oil Prices Dropped

Following Iran’s weekend attack on Israel in retaliation, oil prices dropped in early Asian trading. Although it was down, Brent crude, a prominent worldwide benchmark for oil prices, was trading at about $90 per barrel on Monday morning. Brent crude almost reached a six-month high last week, and prices had already increased in anticipation of Iran’s decision.

Israeli Defense Minister Yoav Gallant says the conflict with Iran is “not over yet.” Energy researcher Vandana Hari says it is evident that the oil market does not currently see the need to factor in any additional supply threat.

She continued, “Brent crude may very well drop below $90, but a significant decline is unlikely as traders continue to be focused on the risks related to the conflicts in Gaza and Ukraine.”

Analysts added that the way Israel responds to the strike will be crucial for world markets in the coming days and weeks.

According to Peter McGuire of the trading platform XM.com, if Israel were to take dramatic action in response to Iran’s actions, oil prices would rise, and the energy market would likely be volatile, as he told the BBC. Nonetheless, markets will probably “trade sideways until we have more information,” according to April LaRusse, head of investment at Insight Investment.

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