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Serving Transparency in Capital Markets
The Collaborative
Market Data Network


Post Date: 17 April 2024

So far, the reaction of oil prices to Iran's attack on Israel has been contained. Given the diplomatic pressure by Western powers, investors expect Israel to adopt a restrained response against Iran. We agree with the market and we continue to expect tensions in the Middle East to remain mostly limited to the Gaza Strip, with limited regional fallout. For this reason, and given market fundamentals, we expect Brent prices to move back towards USD 85/bbl soon. An escalation of tensions, instead, involving an unrestrained retaliation by Israel, a blockade of the Strait of Hormuz, or attacks on oil facilities in Saudi Arabia, would likely push Brent prices above USD 100/bbl.


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