Brent Oil Futures Could Surge Above $100/Bbl in Short Term - The Wall Street Journal
Brent Oil Futures Could Surge Above $100/Bbl in Short Term - WSJ
Updated Oct. 8, 2023 8:37 pm ET
0030 GMT — Around 0.5%-1% of global oil supply is at risk of being sidelined if the U.S. opts to enforce sanctions against Iran, CBA analyst Vivek Dhar says in a research report, noting a WSJ report that Iran helped Hamas plan the attack on Israel. The proof which the U.S. requires to fully enforce sanctions against Iran will probably be low, Dhar says. This means even a strong circumstantial case that Iran helped plan Hamas attacks on Israel will likely be sufficient to apply sanctions on Iran’s oil exports, Dhar says. Given oil markets are already facing tightness in 4Q, an immediate reduction in Iran’s oil exports risks pushing Brent futures above $100/bbl in short term, Dhar adds. Front-month Brent oil futures are 4.0% higher at $87.96/bbl. (ronnie.harui@wsj.com)
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.