The price of Brent oil futures soared to $78 per barrel after news of Israeli strikes on Iran.
A “negative” scenario could be triggered by a halt in oil exports from Iran, analysts at JP Morgan say.
Oil prices could soar to $130 per barrel if the “worst-case scenario” of the Iran-Israel conflict materializes. This was stated by analysts at JP Morgan, the largest bank in the US by assets, Reuters reports.
A jump in quotes to the highs from 2022 will be possible if Iran completely eliminates oil exports – 2.1 million barrels per day – and military risks arise in the Strait of Hormuz, through which most of OPEC oil is transported.
“In this difficult scenario, we believe that oil prices could rise to $120-130 per barrel,” the bank said.
Brent crude futures jumped 13% to $78 per barrel after news of Israeli strikes on Iran on Friday, June 13. Later, quotes retreated to $74.2 (+6.9%).
As we have already written, oil prices rose significantly after the start of Israel’s attack on Iran.
Recall that on the night before June 13, Israel launched strikes on Iranian facilities related to the nuclear program, explaining this by the desire to prevent Iran from obtaining nuclear weapons.
Ayatollah Ali Khamenei confirmed the death of a certain number of command personnel and promised revenge to Israel.
