Oil prices rise after Iranian attack on Israel

Price oil this happened on Tuesday almost 5% after the start Iranian attack on Israel in retaliation for last week’s murder of the leader Hezbollah, Hassan Nasrallahand subsequent invasion of the southern Lebanon. Thus, the price of oil recovered during the day after the fall of a barrel of oil. Brentlink in Europe.

crude oil reached a two-week low due to concerns about weak global economic growth, but geopolitical tensions led to Brent trading above 75 dollars around 19:00.

The crude oil market is dominated by excess production, and in this context, Brent prices will continue to rise. downward pressurewhich could reach $65 per barrel in the short to medium term, according to the CEO of Tempos Energía, Antonio Aceituno.

The expert explained that there is currently an “excess of oil production” in the world, where OPEC+which pumps 48% of all crude oil, responded by withdrawing 5.86 thousand barrels per day from the market, which is 5.70% of global demand, so “any maneuver by the cartel will lead to an even greater fall in prices.”

Regarding the conflict Middle EastThe CEO of Tempos Energía noted that “while Iran is keeping markets on alert, it is above all exercising caution and restraint.” “An attack to save face is likely, but without disrupting major trade routes.”he added.

Added to the above factors is the current situation in OPEC+, which is obliged to maintain cuts, since otherwise there is a high probability of reaching a level below $60, given that its overproduction last month it reached nearly 850,000 barrels a day, about the same as oil production. Venezuela.