Oil markets take wait-and-see approach amid Israel-Iran tensions
Despite fears of regional conflict upending oil markets, some experts say that Gulf oil facilities or crude oil tankers would have to be hit directly for any major upheaval to the market in the near term.
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DUBAI — Despite the Middle East accounting for about one-third of the world’s oil production, the impact of ongoing Israel-Iran tensions is yet to be felt on oil markets.
The increase in regional tension following the Oct. 7 Hamas attack on Israel and the ongoing escalation between Israel and OPEC oil producer Iran have so far failed to increase oil prices. Crude oil ended the trading week on Friday at roughly $80 per barrel, down from $84 per barrel in the trading week that ended just hours before the Oct. 7 attack.
Oil markets have taken more of a "wait and see" approach since the Gaza war started as commodity traders have chosen to wait for an actual disruption in supply routes to occur before pushing prices higher.
