Oil prices rise by over 4 per cent after reports of Israeli strikes on Iran
Oil production
Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran.
Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.54 a barrel. On the other hand, the US West Texas Intermediate (WTI) crude futures jumped 4.06 per cent to reach $86.09.
A possible expansion of the Gaza conflict beyond Israel's border could be a disasterfor the global oil supply.
Analysts believe that oil prices could cross $100 or even $130 if a wider war blocks the Strait of Hormuz.
The strait is at the heart of West Asia's supply route and accounts for a fifth of the world's oil trade.
Oil prices have risen by about 25 per cent since the October 7 Hamas attack onIsraeli civilians.
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The risk premium has been on a downward path on the hopes that a wider conflict would be averted. But Israel's Friday strikes could spike investor worries about oil prices and its impact on the global economy.
The existing production cut by oil cartel OPEC+ would make matters worse for India, which relies on imports to quench its growingoil needs.
The focus would shift to OPEC+ meeting in June, when oil producers could decide to continue with the production cuts or ease the supply pressure.
In the short run, high oil prices could help West Asian countries like Saudi Arabia, where over halfthe budget is financed by oil money. But in the long run, the U.S, which wasthebiggest oil producer in 2023,could release excess capacity and push prices down.
Ultimately, higher oil prices wouldboost commodity pricesacross the world and prolong the interest rate tightening cycle.