Closing price: The Iranian missile attack on Israel initially caused black gold prices to jump, before operators put the impact of these strikes on the crude market into perspective. The price of a barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. of the North Sea for delivery in December, which was the first day of use as a reference contract, won 2,59%to close at 73,56 dollars.
The movement is marked, but much less than in the first minutes following the announcement of Iran’s operation, which fired dozens of missiles towards Israeli territory on Tuesday.
Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. thus jumped by more than 5%before slowing down, just like West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.) American which concluded with an increase of 2,43% has 69,83 dollarsafter winning during the session 5,53%.
“This attack will have consequences“, warned the spokesperson for the Israeli army, Daniel Hagari, who indicated that the strikes had not caused any injuries.
The Revolutionary Guards, Iran’s ideological army, presented this offensive as a response to the assassinations of Hamas leader Ismail Haniyeh, Hezbollah leader Hassan Nasrallah, and Abbas Nilforoushan, a deputy to the head of the Guards.
“This is a significant escalation by Iran” said White House national security adviser Jake Sullivan.
“A court terme, a total involvement of Iran could lead the markets to panic, and we could see the barrel rise very sharplyis“, reacted John Plassard, analyst at Mirabaud.
This attack follows a week of intense Israeli bombings against Hezbollah, which left hundreds dead in Lebanon.
“The prospect ofWider conflict threatens supplies from Persian Gulf region“, explains Ricardo Evangelista, analyst at ActivTrades.
An attack “telegraphed“
Iran was the world’s ninth-largest crude producer in 2023, according to the U.S. Energy Information Administration, and has the third-largest proven reserves behind Venezuela and Saudi Arabia.
Although subject to an embargo imposed by Washington on petroleum products, Iran continues to export massive quantities of crude.
According to the Kpler firm, volumes sent abroad from the Islamic Republic have even reached their highest level this year in five years and the reestablishment of American sanctions.
A disruption of Iranian exports”would have a big impact on China which, no longer receiving these barrels at discounted prices (Iran sells cheaper to convince its customers to circumvent sanctions), would have to buy them at market prices from other suppliers in the Middle East“, explained Matt Smith of Kpler.
However, subsequently, the speakers were more reserved about the consequences of this new development.
“It appears that once again, the arrival of these missiles was telegraphed well in advance“, commented Matt Smith: “Iran felt it had to react (…) but it could have been worse“.
Many draw a parallel with the April 13 attack on Israel, presented by Iran as a response to a deadly strike on the Iranian consulate in Damascus (Syria), which did not lead to an escalation between the two countries.
“Iran responds, but does not go too far so as not to provoke a new response“, considers Matt Smith.
“This is the second time“that Iran is directly targeting Israel,”and generally, the effect is less when it is the second time“, tempers Mark Wagoner, of Excel Futures.
“If the situation were to escalate, it would be a different story, but for now, we’ll leave it at that.“, continues the analyst, for whom the fundamentals continue to signal “a market with an overabundant supply“. Crude prices are going “will start to decline“, he predicts.
According to Naeem Aslam, analyst at Zaye Capital, “this attack is a mosquito bite, just more fireworks from Iran” and an all-out war between Iran and Israel is not a credible possibility.
If the market were banking on all-out war, crude oil prices would be “close to the bar 100 dollars“.
(c) AFP
Commenter Oil jumps then calms down, the market puts Iran’s attack on Israel into perspective
Community barrel price
