Jeremy Diamond in Tel Aviv contributed to this report. Iran’s unprecedented attack on Israel over the weekend has ratcheted up tensions in the oil-rich Middle East yet again, threatening to send fuel prices skyward if the conflict escalates and disrupts global supplies.
Will Iran push the oil price higher?
However, there are several other courses of action open to Iran to ramp up the pressure on Israel and its allies in the Middle East, all of which could push the oil price much higher very quickly. One of the most effective would be to reiterate its call for an embargo on oil exports to the allies of Israel by Islamic members of OPEC.
What is the biggest risk for oil prices?
The biggest risk for oil prices is how tensions between Israel and its arch-enemy Iran play out. Israel has long accused Iran of engaging in a form of proxy war by backing groups — including Hamas — that have launched attacks on its shores.
