Israeli attacks on Iran threaten to cause a regional conflict capable of disrupting oil flows throughout the Middle East. And as in any similar geopolitical crisis, analysts are reviving the decades of question: Could Tehran respond by closing the strait of the hormone by causing a global shock to the energy industry? The price of Brent oil jumped by 12% in the early hours of Friday, reaching $ 78.5 a barrel after dozens of Israeli attacks on the Iranian nuclear program and military installations, which killed at least two senior commanders. Prices fell to $ 73 a barrel when it became clear that Israel did not target Iran’s oil infrastructure. However, according to analysts, oil prices could increase significantly depending on how Tehran will react. According to the Financial Times, about 21 million barrels of oil from the production of Iran, Iraq, Kuwait, Saudi Arabia and […]
Source: News Beast
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