The price of oil has shot up more than 4% this Tuesday afternoon after the Iran attacks 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 world stock markets are collapsing and the gas price It has also turned around after the Iranian missile attack: it is now up 0.6%.
Oil futures have recovered throughout the day from the drop of close to 1% that was recorded by both the Brent barrela reference in Europe, like the West Texas Intermediate in the United States.
Oil had been trading at two-week lows due to concerns about weak global economic growth and a supply of the hydrocarbon that exceeded demand.
But geopolitical tensions have ended up leading Brent to trade at $74.86 (67.40 euros) after the United States warning became effective 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 be under downward pressure, potentially reaching $65 per barrel in the short and medium term, according to the general director of Tempos EnergÃa. , Antonio Aceituno.
The expert explained that there is currently “an excess of oil production worldwide” where OPEC+, which pumps 48% of all crude oil, has responded by withdrawing 5.86 thousand barrels per day from the market – 5. 70% of world demand – so “any maneuver by the cartel will be aimed at depreciating prices even further.”
Regarding the Middle East conflict, the general director of Tempos EnergÃa has pointed out 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 disturbing the main trade routes,” he added.
Added to the above factors is the current situation of OPEC+, which is obliged to maintain the cuts, since, otherwise, it would be likely to reach the level below 60 dollars, taking into account that its overproduction last month reached almost 850,000 barrels per day, approximately the same as Venezuela’s production.
