The oil market still fears a general conflagration in the Middle East. Israel’s response to the Iranian missile attack will largely determine price developments. The United States calls on its ally not to strike Tehran’s oil installations.
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Journalist at the Planet pole
Published on 6/10/2024 at 4:39 p.m.
Reading time: 2 min
Ct’s a very turbulent week that the oil markets have just gone through. The increase in tension in the Middle East – the firing of 200 Iranian missiles on Tel Aviv, Israeli bombings and fighting in South Lebanon – gave a cold sweat to the traderswith crude oil prices going on a roller coaster ride – two sessions of sharp increases on Tuesday and Thursday, two calmer days on Wednesday and Friday. Ultimately, the barrel still rose 9% over the past week – to $78 for a barrel of Brent from the North Sea. Optimists will say that we are still far from the 90 dollars reached at the start of the war in Gaza and during Iran’s first attack against Israel in April. The pessimists already regret the 70 dollars they touched less than a month ago.
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