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Iran is the third largest oil producer in OPEC. According to experts, both supply and production of crude oil were already a problem. Now with tensions in the Middle East and the beginning of war with Israel, Iran's entry could create another crisis. It is possible that the price of crude oil may be seen at $ 100 per barrel on Monday.
War begins between Iran and Israel, crude oil crosses 100 dollars!
Crude prices may increase after Iran's attack on Israel. Iran has started a war against Israel. Iran has carried out drone attacks on Israel. On the other hand, talks are going on between Israel and America regarding retaliatory measures. According to experts, due to this tension, the price of crude oil may cross $ 100 per barrel.
Iran is the third largest oil producer in OPEC. If Israel also attacks Iran. Moreover, if the US government imposes several sanctions on Iran, crude oil prices will also increase. According to experts, there were already problems regarding both supply and production of crude oil. Now Iran's involvement in the Middle East tension will create further crisis. Now all those countries of the world will have to be prepared for expensive crude oil which is dependent on imports for more than 80 percent of their needs.
In which the names of India and China can be taken mainly. Inflation will also increase in such countries due to the price of crude oil. Let us also tell you what could be the economic consequences if Iran attacks Israel?
Crude oil prices will increase
Tension has reached its peak in the Middle East. Iran has started attacking Israel. Israel is also retaliating. She is also talking to the US government to take bigger steps. In such a situation, America can take action like imposing economic sanctions on Iran, which it did on Russia two years ago. America can also impose a ban on Iran's oil, which would be a big step. Iran is the third largest oil producer in OPEC. If Iran's oil is banned then the oil crisis in the world will reach its peak. Suddenly the prices of crude oil will start touching the sky. As seen during the Ukraine-Russia war.
Will the price of crude go to $100?
Oil from Gulf countries is currently trading above $90 per barrel. International markets opened on Monday in view of the attack and possible US action against Iran. There may be a huge increase in the prices of crude oil. There may be an increase of more than 10 percent in the prices of crude oil. This means that the price of Brent crude oil i.e. oil coming from Gulf countries can reach $ 100 per barrel. This means that the price of Brent crude oil may increase by $ 10 per barrel. On the other hand, the price of American crude oil will increase and the price may reach $ 95 per barrel.
When was the last time crude oil was priced at $100?
About 21 months ago, the price of crude oil was seen at $100 per barrel. On August 31, 2022, the price of Brent crude oil reached an intraday high of $ 100.46 per barrel. After this the price of crude oil is falling. Crude oil prices have been hovering above $85 per barrel since the war between Israel and Gaza last year. At that time its price had even gone up to $95 per barrel. At that time the oil producing countries of the Middle East did not jump into this war. Now Iran is competing with Israel. Apart from this, America also stands in support of Israel. In such a situation, the price of crude oil may cross $100 per barrel.
What could be the impact?
If the price of crude oil reaches $100 per barrel, then fuel prices will increase in those countries of the world which import most of the crude oil for their needs. If we talk about India, according to government figures, India imports more than 85 percent of its oil needs. In such a situation, if the price of crude oil increases in the international market, then the petroleum companies of the country will have to buy expensive crude oil. Due to which the cost of petroleum companies will increase. In such a situation, they will have to increase the prices of petrol and diesel. If the price of crude oil goes beyond $ 100 per barrel, then the price of petrol and diesel in India may increase. It is possible that prices will not change until the election results are known, but after the first week of June, petroleum companies may take strict steps.
Current crude prices
Even if the international market is closed. However, crude oil prices closed higher in the US and Gulf countries. According to data, crude from Gulf countries is trading at $90.45 per barrel. Talking about the current year, an increase of 17.10 percent has been seen in the prices of crude oil. Whereas in the last one month the price of crude oil has increased by about six percent. Also, the price of American crude is $85.45 per barrel. 95 percent of which is expected to reach $1 per barrel. Talking about the last one month, the prices of crude oil have increased by 5.41 percent. At the same time, the prices of crude oil have increased by about 20 percent this year.