Brent oil prices rose to record levels amid the escalating conflict in the Middle East. The Financial Times reported this on October 5.
According to the publication, on Friday, October 4, Brent oil was trading above $78 per barrel, rising more than 8% compared to September 27, which represents the largest weekly increase since January 2023. As analysts and traders point out , the jump occurred in the context of the threat of attacks on energy infrastructure by Israel or Iran.
“The market became too comfortable ignoring geopolitical risks. The price evolution from here will be determined by Israel’s exact objective in Iran. “We’re all watching and waiting.” — said Trafigura’s global head of oil Ben Lacock.
It should be noted that Iran exports 1.7 million barrels of oil per day, mainly from the terminal on Khark Island, so Israel could choose this point as the target of its promised attack. Iran, in turn, may respond to this with another attack on energy industry facilities.
If Iran’s oil infrastructure is destroyed, crude oil futures could rise to more than $200 a barrel, analysts told CNBC.
