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Israel strikes Iran
Israel has started conducting strikes against both Iranian nuclear facilities and military targets.
These attacks come at a time when the US and Iran are holding ongoing nuclear talks. Admittedly, there appeared to be
Oil Soars On Middle East Escalation
Summary
- Oil prices rallied more than 7% this morning after Israeli airstrikes against Iran. This has elevated geopolitical uncertainty significantly.
- In a scenario where we see further escalation, it’s not too difficult to envisage a situation where Iranian oil supplies are disrupted.
- What impact this would have on the oil market depends on whether downstream assets are affected or if midstream and upstream assets are targeted. The latter would have more of an impact on the global market, putting as much as 1.7m b/d of export supply at risk.
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