Whereas oil market fundamentals do not appear to have been affected much by Israel's crisis, a change in U.S. policy on Iran could lead to a sudden spike in oil prices
Back in August, we reported that Iran oil exports had hit record highs thanks in large part to the Biden administration opting to look the other way as Tehran boosts production ostensibly in a bid to keep markets well supplied and oil prices low. The price response to the escalation in the Middle East tensions has so far been modest; however, the Israel-Gaza war is likely to cause a significant shift in U.S. policy on Iran due to its open support and backing for Hamas.
However, the latest developments in the Middle East have brought options 2 and 3 into focus as potential policy targets. Source Standard Chartered Research Europe Gas Prices Soar After Israel Shuts Gas Field Whereas oil markets do not appear to have been affected much by Israel’s crisis, the precautionary closure of Israel’s Tamar gas field by Chevron Inc. NYSECVX has sent Europe’s gas prices rocketing despite the continent being flush with the commodity.
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