Oil prices expected to fall after Israel’s limited attacks on Iran: Report
Market analysts expect global oil prices to fall when trading resumes on Monday after threats of an Israeli attack on Iran’s oil and nuclear infrastructure turned out to be hollow with the regime carrying out only limited attacks on a number of Iran’s military sites over the weekend.
The Reuters news agency admitted in a Sunday report that Israel’s attacks on Iran’s military sites a day earlier had failed to have any impact on global energy supplies.
The report said markets had priced in the uncertainty around the extent of Israel's response to the Iranian missile attack on the regime on October 1, causing Brent and US West Texas Intermediate crude futures to gain 4% last week in volatile trade.
“The market can breathe a big sigh of relief; the known unknown that was Israel's eventual response to Iran has been resolved,” it quoted Harry Tchilinguirian, group head of research at Onyx as saying on LinkedIn.
Other experts said that reports that Iran won’t immediately respond to Israel’s attacks had removed an element of uncertainty from the energy markets.
Iranian authorities said on Saturday that Israeli fighter jets had used the Iraqi airspace controlled by the United States to target several radar units in three provinces of Tehran in north and Ilam and Khuzestan in the west and southwest of Iran.
They said the attacks had only inflicted minor damage on military facilities, adding that the country reserves the right to respond to the aggression at an appropriate time.
Market analysts had expected a major increase in global oil prices because of a confrontation that could force Iran to close a key waterway in the Persian Gulf which is responsible for a fifth of the global oil shipments.
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