Oil prices surged after US president Joe Biden signalled that '(...) We are discussing Israel striking Iran oil facilities.' US told Iran indirectly to not attack Middle East military bases, according to IRNA. According to Biden, the US Administration doesn't expect IDF military response to Iran strike today.
- Lebanese army confirmed 1 soldier death and 1 injured after rescue mission, during Israeli strike today
- Loud explosions were heard today in Beirut in Damascus; Iran criticized G7 statement as 'biased'
- According to IDF, Israeli fighter jets struck Hezbollah targets of intelligence headquarters in Beirut
- FlyDubai flights to Iran, Iraq and Jordan will resume from 4 October
- Ministers from Gulf Arab states and Iran discussed de-escalation scenario at Doha, concerns about oil facilities
As for now, there is no clearing signal that, US or Israel will directly strike on Iran's oil facilities. Such a scenario seems not good, nor for Israel (war) and US (higher oil prices). Such a scenario could end in closing the Strait of Hormuz, by Iran's navy (21% global oil supply), hitting its own oil exports to China.
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Create account Try a demo Download mobile app Download mobile appIran has almost 1.5% of global oil supply, however even marginal changes can influence the stretched global oil market. According to Bloomberg projections from early 2024, total war between Israel and Iran would end in $64 increase of oil barrel price. We can expect that US, China and Arab countries will try to stabilize region, and US communicate about a 'possible' strike to oil facilities may be a warning signal for Iran to not escalate conflict further, despite Israeli army operations.
Source: xStation5
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