Market watchers warn that oil prices could reach $100 per barrel and beyond following Iran's aerial attack on Israel, which has reignited concerns about a potential regional war. Iran, being a major oil producer, holds significant oil resources, and any disruption in its ability to supply global markets could lead to higher prices. Despite the US commitment to Israel's security, President Biden has stated that the US will not engage in offensive operations against Iran.
Oil prices could soar to $100 per barrel and beyond, said market watchers, after Iran mounted an aerial attack against Israel reigniting fears of a regional war .
While Biden reiterated U.S. commitment to Israel's security, he told Netanyahu that Washington would not participate in offensive operations against Iran, a senior administration official told NBC News.Oil prices could soar to $100 per barrel and beyond, said market watchers, after Iran mounted an aerial attack against Israel reigniting fears of a regional war.
"Any attack on oil production or export facilities in Iran would drive the price of Brent crude oil to $100, and the closure of the Strait of Hormuz would lead to prices in the $120 to $130 range," said Andy Lipow, president of Lipow Oil Associates., according to Israel Defense Forces spokesperson Rear Adm. Daniel Hagari.
"Insufficient investment makes supply more fragile and increases the chance of a super spike well above $100 if supply is disrupted," he said."I think oil prices will go to all time highs this cycle, due to a decade of under-investment in exploration and development," Young added.
Oil Prices Iran Israel Regional War Aerial Attack Global Markets Oil Resources OPEC Disruption US Commitment
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