Weekly Oil Report: Iran Retaliatory Attack Intensifies Region Tensions

Late on Saturday, Iran launched hundreds of missiles and drones on Israel in response to Israeli airstrike on Iran Damascus Embassy. Watch on YouTube:

According to reports, attacks only targeted military bases in Israel and didn’t have serious casualties. Israel response will play a huge role in escalation of disputes.

China and the US are deeply concerned about regional tensions. China is calling on relevant parties to remain calm and exercise restrains to avoid further escalation of tensions. The US is also trying to avoid any direct military response against Iran.

Before attack, mixed sentiment closed Brent at $90.15 and WTI around $85.40. With escalating tensions between Iran and Israel, gold and oil have a serious potential to grow higher.

Standard Chartered believes that currently the oil market is being pushed higher by tightening fundamentals rather than speculative action.

Contact me for more information about Iran bitumen market and prices. The latest prices are as below (15 April, 2024):

This article was prepared by Mahnaz Golmohammadian, the export manager of Infinity Galaxy (www.infinitygalaxy.org).