Oil Prices Surge Amid Middle East Tensions; Potential Impact on Global Economy

🗝️ Key Points

• Analyst Ziad Daoud and his team suggest that the impact on oil prices depends on Iran's response, subsequent U.S.
• actions, and the possibility of a ceasefire.
• As the market assesses supply risks, crude oil prices have risen from about $70 per barrel to $77 per barrel following Israel's airstrike on Iran.In a worst-case scenario, such as the closure of the Strait of Hormuz, crude oil prices could skyrocket to over $130 per barrel.

Analyst Ziad Daoud and his team suggest that the impact on oil prices depends on Iran’s response, subsequent U.S. actions, and the possibility of a ceasefire. As the market assesses supply risks, crude oil prices have risen from about $70 per barrel to $77 per barrel following Israel’s airstrike on Iran.

In a worst-case scenario, such as the closure of the Strait of Hormuz, crude oil prices could skyrocket to over $130 per barrel. This would likely hinder global economic growth and increase consumer prices.

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