Israel-Iran war, limited effects on markets - "If the Strait of Hormuz is closed, oil could rise to 100 USD per barrel"
The conflict between Israel and Iran has entered its fourth day, with the focus of attacks on the infrastructure or oil and gas reserves of both countries.
However, the 7% increase in oil prices on international markets on Friday was halted in Monday's session, despite fears that the war will spread to energy infrastructure and could disrupt supplies in the region.
Economic expert Adrian Civici says that there could be a significant increase in oil prices only if Iran decides to close the Strait of Hormuz, through which about 19 million barrels of oil pass per day, or 1/5 of global daily consumption.
Meanwhile, from a geopolitical perspective, international relations expert Enver Bytyçi states that the conflict may be isolated only between Israel and Iran, due to the fact that the United States of America has decided to be neutral so far.
Oil prices rose by more than 7% on Friday, shortly after Israel launched strikes against Iran's nuclear and ballistic missile programs, as well as its top military leadership.
This was the biggest daily increase in oil prices since March 2022, when Russia launched a full-scale invasion of Ukraine. According to Goldman Sachs, if Iran decides to close the Strait of Hormuz, oil prices could rise to $100 per barrel.
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