Experts believe that the expected Israeli attack on Iran could have a double impact on the oil market. Mikhail Krutykhin, an oil and gas analyst and orientalist, noted that two opposite scenarios are possible: a rise in prices, which could be beneficial for Russia, and a sharp drop in oil prices if Saudi Arabia decides to increase exports.
He spoke about this in an interview with Ukrinform.
Krutykhin said the market is already feeling the expectation of a hit. For example, current oil prices have already risen to $78 per barrel, although they were previously $70. This growth favors Russia, as higher prices strengthen its position.
However, there is another scenario. If, following the Israeli attack, Saudi Arabia decides to increase oil supplies, this could cause a collapse in prices. Krutykhin emphasized that such an outcome would be a serious blow to the Russian economy, as oil exports could become unprofitable.
Additionally, Saudi Arabia has recently increased production, criticizing OPEC countries for violating quotas. This could be part of an economic strategy aimed at strengthening its participation in the oil market.
Previously, “Cursor” wrote about what changed for the world after the Iranian missile attack.
According to the expert, Iran will turn to the Islamic world for support.
“Cursor” also wrote that the world is approaching an all-out war between the superpowers.
In addition, he appealed to US President Joe Biden.
