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Iran Israel War: At this time, due to tension between the US and Iran, there is a fluctuations in the price of crude oil. Trump has indicated that the attack on Iran will be decided within two weeks. This means that the probability of immediate attack has reduced and due to this fear in the market has decreased slightly, due to which the price of oil has decreased.
How much has the price of oil decreased?
Brent is currently trading at $ 77 per barrel, while West Texas Intermediate is trading around $ 74 for August. White House spokesperson Caroline Lewitt said that the decision would take some time due to the possibility of interaction with Iran. However, he did not comment on its deadline. It has been a turbulent week for the oil market, with futures around $ 8.
According to sources, senior American officials were preparing for the possibility of the attack. However, the danger is still not averted. Robert Reni, the head of commodities and carbon research at Westpack Banking Corp, said Levit’s statement has eliminated some urgency from the market. At least for now, we are ready to live in this extremely unstable $ 70-80 range.
Iran Israel War
Israel continues to attack Iran’s atomic sites, but the country’s crude oil export infrastructure continues yet. However, there are indications that Iran is in a hurry to move its oil to the world, as the storage tanks on the Khag Island terminal are filled with crude oil. The greatest concern for the oil market is the Urmuz Strait. However, there are no indications so far that Tehran is trying to disrupt shipping through the waterway at the entrance of the Persian Gulf. About fifth of the world’s crude oil production passes through this strait.