LONDON, England. Oil prices, which hit a six-month high on Friday, are expected to rise on Monday after the Iran attack to Israel during the weekendanalysts said, but Further gains may depend on how Israel decides to respond.
YoIran launched explosive drones and missiles against Israel late Saturday in retaliation for an alleged Israeli attack to your consulate in Syria April 1a first direct attack on Israeli territory that has fueled the fears of a broader regional conflict.
It may interest you: Treasury underestimates oil price: experts
Concern that Iran will respond to the attack on its embassy compound in Damascus supported oil last week and helped ship Brent crude world reference on Friday 92.18 dollars a barrel, the highest level since October.
He Brent closed that day up 71 cents to $90.45while crude oil futures West Texas Intermediate rose 64 cents to $85.66.
The business is closed on Sunday. “It is reasonable to expect higher prices when trading resumes,” said Tamas Vargafrom the oil corridor PVM. “That said, there has been no impact on production so far and Iran has said that ‘the matter can be considered concluded.’
The analyst of the UBS, Giovanni Staunovosaid oil could soar at the opening and that the duration of the gains would depend on Israel’s response.
➡️ Join the El Sol de México channel on WhatsApp so you don’t miss the most important information
Iran has dramatically increased oil exportsits main source of income, under the administration of Joe Biden. Exports were severely reduced during the government of the predecessor of Biden, donald trumpwho will face Biden in a rematch of the presidential election in November.
The administration Biden has argued that it is not encouraging Iran to increase exports and is applying sanctions. Lower Iranian exports would cause a new increase in oil and gasoline prices in USAa politically sensitive topic. Another factor will be any impact on shipping through the Strait of Hormuz.through which a fifth of the volume of the world’s total oil consumption passes daily.