Oil price after Israel's attack: Is there a threat of global crisis?

Oil price after Israel's attack: Is there a threat of global crisis?

The conflict between Israel and Iran has unsettled global markets and caused oil prices to rise significantly following Israel's retaliation. A particular focus is currently on the Strait of Hormuz, which serves as a crucial trade route for 21 percent of global oil and gas trade. Experts warn of the consequences of a possible closure of this road by Iran, as it could trigger a global crisis.

After Israel's attack on Isfahan, there is speculation that the cost of oil trade will rise. David L. Goldwyn, an energy economist, predicts a jump in transportation costs as shipping companies are forced to offset the new risks on shipping routes. The horror scenario would be if Iran were to close the Strait of Hormuz, as this would have far-reaching implications for global oil and gas trade, particularly in Asia.

However, it is difficult to estimate whether Iran will actually close the Strait of Hormuz because the country itself relies on oil trade. If the US and its allies decide to tighten sanctions against Iran, this could lead to such an escalation. Experts point out that Iran could also put pressure on neighboring countries to increase oil prices and thus put pressure on the West.

Despite the increasing tensions, it is emphasized that as long as the flow of oil from the Persian Gulf is not permanently disrupted, there is no threat of economic catastrophe. Analyst Ellen Wald says short-term increases in oil prices are possible due to regional conflicts, but sees no immediate threat of a global economic crisis as long as oil flows are maintained.