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Oil Traders Weigh Risks of Iran-Israel Conflict in Tight Market
The escalating conflict between Iran and Israel will force oil traders to reevaluate the geopolitical risk premium they need to apply to a market where tight supply-demand fundamentals have already driven prices above $90 a barrel. Iran’s attack on Israel marks a distinct escalation in hostilities by bringing the two nations into direct conflict, rather than fighting through proxies. Iran says its attack in retaliation for the bombing of its embassy in Syria has “concluded” the phase of tit-for-tat aggression, but Israel has reserved the right to strike back. “Oil prices might spike at the opening, as this is ... (full story)