The price of oil jumped more than 4% this Tuesday afternoon after the attacks in Iran against Israel in retaliation for the elimination last Friday of the leader of the Shiite militia Hezbollah, Hassan Nasrallahand for the subsequent invasion of southern Lebanon. THE global stock markets collapse and gas price It also reversed after the Iranian missile attack: it is now up 0.6%.
Oil futures rallied throughout the day following the nearly 1% decline recorded by the Brent barrela reference in Europe, like West Texas Intermediate in the United States.
Oil was trading at a two-week low on concerns about weak global economic growth and a supply of hydrocarbons exceeding demand.
But geopolitical tensions eventually led Brent to trade at $74.86 (67.40 euros) after the American warning came into effect and Iranian missiles flew over Israeli territory. Its North American counterpart did the same with an increase of 3.93%, to 71.33 dollars (64.5 euros).
The crude oil market is dominated by excess production and, in this context, Brent prices will continue to experience downward pressure, potentially reaching $65 per barrel in the short and medium term, according to the general director of Tempos Energía. Antonio Aceituno.
The expert explained that there is currently “a surplus of oil production in the world” to which OPEC+, which pumps 48% of all crude oil, responded by withdrawing 5.86 thousand barrels per day from the market – 5 .70% of global demand – therefore “any maneuver by the cartel will aim to depreciate prices even further.”
Regarding the Middle East conflict, the general director of Tempos Energía stressed that “although it keeps the markets on alert, Iran has shown above all caution and restraint.” “An attack is likely to save face, but without disrupting key trade routes,” he added.
Added to the above factors is the current situation of OPEC+, which is obliged to maintain the reductions, because otherwise it would risk reaching the level below 60 dollars, knowing that its overproduction last month reached almost 850 000 barrels per day. , about the same as Venezuela’s production.
