Ahmad 
Financial markets are witnessing continuous turmoil against the backdrop of the Iranian attack on Israel, and the possibility of the latter’s response, amid expectations of a rise in oil prices in the trading session tomorrow, Monday.
The evolution of prices depends on the shape of the response taken by Israel and Western powers, as concerns have contributed to pushing oil prices to their highest levels since last October.
The price of benchmark Brent crude closed on Friday at $92.18 a barrel, and West Texas Intermediate crude futures closed at $85.66 a barrel, recording a rise of 64 cents.
Tamas Varga, an analyst at oil brokerage BVM, confirmed the possibility of a rise in oil prices when trading resumes, noting that the hikes will be temporary unless oil supplies from the region are permanently affected.
Giovanni Stonovo, an analyst at UBS, believes that the expected rise in oil prices depends largely on the nature of the Israeli response.
With hints from the Iranian Revolutionary Guard about the possibility of closing the Strait of Hormuz, through which approximately one-fifth of the world’s oil consumption passes daily, the potential effects would reverberate across global oil markets.
Iran has seen a noticeable increase in its oil exports during the administration of U.S. President Joe Biden, despite assurances from his administration about enforcing sanctions.
It is worth noting that Iranian attacks included launching drones and missiles at Israel in response to the attack carried out by Israel on the Iranian consulate in Syria earlier this month.
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