The conflict between Israel and Iran affects the area where much of the world supply of crude oil is concentrated. Even so, there is still no interruption of the offer.
Faced with the escalation of the conflict in the Middle East, the price of oil rose again. The barrel in London exceeded US $ 75, despite the fact that the main infrastructures and flows of oil and gas avoided so far any substantial impact.
The futures of crude Brent They climbed a 4.4%, to U $ S76.45 The barrel, while the West Texas Intermediate (WTI) He advanced 4.3%, to U $ S74.84. In this way, the values reached maximums since the beginning of February.
Iran suspended gas production
Although no visible interruption of oil flow occurred, Iran partially suspended gas production At the South Pars site, which he shares with Qatar, after an Israeli attack caused a fire on Saturday. In addition, Israel attacked Shahran’s oil deposit.
“The market is very concerned about disturbances through the Ormuz Strait, but the risk is very low“He said Ole HansenSaxo Bank analyst. “There is no appetite around the closure of the seaway, since they would lose income and the United States wants lower oil prices and wants to lower inflation,” he said.
The continuous exchange of air attacks between Israel and Iran revived the geopolitical risk in the oil markets, already aware of a close balance between supply and demand, according to Phil FlynnSenior analyst at Price Futures Group.
Two oil tankers collided and caught on Tuesday near the Ormuz Straitwhere electronic interference has increased, which highlights the risks that are running companies that move oil and fuel supplies in the region.
Despite possible interruptions, There are indications that oil supplies remain abundant amid the expectations of a lower demand. In its monthly report on the oil market published on Tuesday, the International Energy Agency reviewed its estimate of world demand for crude oil in 20,000 BPD with respect to last month’s forecast, and increased the estimate of the offer in 200,000 BPD, to 1.8 million BPD.
Source: Ambito
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