The recent conflict between Iran and Israel is expected to drive up global oil prices.
This escalation, triggered by Iran’s strike on Israel in response to alleged Israeli actions in Syria, has heightened concerns of a broader conflict in the region.
Anticipation of Iran’s retaliation has already boosted oil prices, with analysts forecasting further increases when trading resumes.
President Biden’s plan to convene with G7 leaders to coordinate a diplomatic response underscores the significance of the situation.
The sustainability of the price rally depends on potential disruptions to regional oil supply chains, with attention also on the critical Strait of Hormuz, a key route for oil transportation.
Ongoing geopolitical developments will likely shape the trajectory of oil markets in the coming days.
