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Oil slumped following Iran's strike on Israel over the weekend

By Rana Gharib
15 Apr,2024
Oil slumped following Iran's strike on Israel over the weekend

Oil dipped on Monday as risk premiums were lowered after Iran's strike on Israel that resulted in minor damages.

Brent crude slumped by 0.5% to $89.95 per barrel while US WTI slumped by 0.6% at $85.14 per barrel.

The Iran’s strike over the weekend on Israel integrated over 300 missiles and drones, marking it the first attack on Israel that was not seen in 30 years, spiking worries regarding an escalated disruption in the Middle East.

The strike came in response to the attack that took place in Syria on the Iranian embassy.

Iran is a significant producer of crude oil within OPEC, and as such, it is currently producing over 3 million barrels per day (bpd). ING also stated in a separate client note on Monday that supply risks associated with this include more stringent enforcement of oil sanctions and the possibility that an Israeli response would involve targeting Iran's energy infrastructure.

 

 

 

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