Oil prices rise after Iranian attack: is there a risk of escalation?

Oil prices rise after Iranian attack: is there a risk of escalation?

The Iranian attack on Israel has driven up oil prices, and further escalation could have a major impact on the energy sector. According to military leadership, Israel is planning a response to Iran's attack, but the exact steps have not yet been decided. Uncertainty and tension in the region could continue, which experts say could affect oil supplies.

The financial markets initially barely reacted to the impending crisis between Iran and Israel. Nevertheless, oil prices rose due to tensions at gas stations. An escalation with Iran has long been considered a major risk for the oil market, as Iran is a major oil supplier and is located on a strategically important strait. Disruptions could significantly impact Gulf oil supplies.

Major oil producers such as Saudi Arabia and Russia have limited their production, driving up crude oil prices further. There are also signs of a recovery in demand in China and Europe. Investors have already become nervous about the situation, with experts warning of possible impacts on the energy sector.

After Iran's attack on Israel, Israel's President Herzog thanked the Israeli military and allies. Netanyahu expressed confidence in the situation and stressed Israel's resolve. Iran attacked Israel directly for the first time in retaliation after high-ranking officers were killed in Syria. Israel was able to repel most of the Iranian missiles.