Oil prices are set to rise as market braces for Israel response to Iran’s missile and drone barrage

[Pelican Press 0]

Oil prices are set to rise as market braces for ******* response to Iran’s missile and drone barrage

An anti-missile system operates after Iran launched drones and missiles towards *******, as seen from Ashkelon, ******* April 14, 2024. 

Amir Cohen | Reuters

(View a special livestream of CNBC’s coverage of the conflict and market impact at 6 p.m. ET Sunday here.)

Crude oil futures were set to open higher Sunday after Iran launched an air ******** against ******* with a barrage of missiles and drones, raising fears that the Middle East is spiraling toward a regional war that could disrupt oil supplies.

The West Texas Intermediate contract for May delivery hit a session high of $87.67 on Friday, while June Brent futures rallied to $92.18. U.S. crude closed at $85.66 a barrel Friday, while the global benchmark settled at $90.45. WTI futures began the year around $71 a barrel.

Iran launched more than 300 drones and missiles against military targets in ******* on Saturday in an ******* that President Joe Biden described as

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The U.S. intervened to directly help ******* ****** down nearly all of the incoming munitions, Biden said in a statement Saturday.

The crude oil market is now bracing for the Netanyahu government’s response to the ******* and waiting to see whether this marks the start of a direct war between ******* and Iran, according to Jorge Leon, senior vice president at Rystad Energy.

“In a worst-case scenario, a forceful retaliation by ******* could trigger a spiral of escalation, potentially leading to an unprecedented regional conflict,” Leon said Sunday in a note. “Under such circumstances, geopolitical premiums would increase significantly.”

The air ******** was the first time Iran has directly attacked ******** territory, senior U.S. military officials told reporters in a call Sunday. The ******* was launched from locations in Iran, Iraq, Syria and Yemen, the officials said. More than 100 ballistic missiles were fired at ******* as well as land ******* cruise missiles and drones, a senior administration official said.

The ******* was retaliation for an ******** strike against the Islamic Republic’s diplomatic facilities in Damascus, Syria earlier this month that ******* seven Iranian military officials including a senior commander.

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Though significant in scale, the Iranian ******* caused little actual damage in *******. The Nevatim Air Force Base in southern ******* suffered slight damage and a 10-year-old girl suffered severe injuries, according ******* Defense Forces spokesman Daniel Hagari.

Biden told Prime Minister Benjamin Netanyahu that his commitment to *******’s security is ironclad but the U.S. will not participate in offensive operations against Iran, a senior administration official

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U.S. National Security spokesperson John Kirby told NBC News’ “Meet the Press” Sunday that Biden does not want a wider with Iran. “The coming hours and days will tell us a lot,” Kirby said.

******* Foreign Ministry spokesman Lior Haiat said Sunday that “Iran must pay a price for its aggression.” The Islamic Revolutionary Guards should be immediately declared a ********** organization, Haiat said.

“Against Iran’s massive *******, *******, like every country, has the right to self-defense, and ******* has defended and will continue to defend itself against Iranian aggression,” Haiat said on the

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Iran has described the ******* as a limited operation in which the Islamic Republic exercised its legitimate right to self dense after the missile strike on its diplomatic facilities.

“The matter can be deemed concluded,” Iran’s

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. “However, should the ******** regime make another mistake, Iran’s response will be considerably more severe.”

Iran’s U.N. mission warned the U.S. against intervening in the same message: “It is a conflict between Iran and the rogue ******** regime, from which the U.S. MUST STAY AWAY!”

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Markets,Breaking News: Markets,Oil and Gas,Investment strategy,Iran,*******,Government and politics,Foreign policy,******* States,business news
#Oil #prices #set #rise #market #braces #******* #response #Irans #missile #drone #barrage

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