Oil prices likely to fall after Israel shows restraint in strikes on Iran
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Oil prices are expected to fall when trading resumes on October 28, 2024, as Israel's recent strikes on Iran did not disrupt oil and nuclear infrastructure. Brent and U.S. West Texas Intermediate crude futures rose 4% last week amid uncertainty following Iran's missile attack on October 1. Israeli jets conducted three waves of strikes on October 26, targeting missile factories near Tehran. Analysts, including Harry Tchilinguirian from Onyx and Tony Sycamore from IG, noted that the restrained response from Israel and Iran's limited damage assessment could lead to a decrease in oil prices, with WTI potentially returning to $70 per barrel and Brent heading towards $74-$75. UBS analyst Giovanni Staunovo cautioned that any price drop may be temporary as the market did not price in a large risk premium.
#OilPrices #Israel #Iran #Geopolitics #Brent #Wti #MarketAnalysis #EnergySupply #MiddleEast #October2024
https://www.nst.com.my/business/economy/2024/10/1126116/oil-prices-likely-fall-after-israel-shows-restraint-strikes-iran
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