Oil prices surged as the Israel-Iran conflict escalates, with traders and analysts predicting potential disruptions to Iranian oil exports and a significant impact on global energy markets.
For months, oil traders shrugged off any threat of a supply shock in the Middle East, betting on softening demand from China and the West, along with hopes of increased production from OPEC. Bearish sentiment dominated the global market in late summer and early fall. But this week, the oil market faced a rude awakening after Iran launched several waves of ballistic and hypersonic missiles against Israel, sending bears scrambling and prices jumping above $75/bbl.
Bloomberg provided readers on Thursday morning with a detailed map showing Iran's major energy installations, including oil and gas fields, pipelines, refineries and storage terminals Source Bloomberg We tend to agree with Ross Schaapp, head of research at GeoQuant, who told CNBC's 'Squawk Box' on Wednesday that Israel might try to cripple Iran's ability to export oil. As the saying goes, 'follow the money'...
Middle East Conflict Israel-Iran War Iranian Oil Exports IDF Strike Brent Crude Energy Market Geopolitical Risk Oil Volatility Supply Disruption
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