Brent Oil Price Did Not Rise Despite Iran’s Attack on Israel
As you know, Iran launched a missile attack on Israel over the weekend. This could greatly increase the price of Brent oil, given that Iran is one of the top 10 oil producing countries, and the fact of the strike could provoke further escalation in the region.
However, at the beginning of the trading week, the price of Brent oil is below the levels at which they were at the end of last week. How so?
It is acceptable to assume the impact that the price reflects market risks and the expectations of its participants:
→ As the media wrote last week, the blow was expected after Israel’s attack on the Iranian mission.
→ The risk of escalation is not as high as it could be. According to the Washington Post, Biden advises Netanyahu to “slow down” after the Iranian attack. Administration officials said the United States would not join in any response to Tehran’s attack and suggested Israel avoid escalation.
How might the situation develop further on the oil market?
From the point of view of technical analysis of the price of Brent oil, as we wrote on April 4, the upper limit of the blue channel is around USD 92 per barrel of Brent.
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