XBRUSD (Brent Oil) | 29.10.2024BUY 71.60 | STOP 70.60 | TAKE 72.60 | Prices for benchmark Brent Crude Oil are correcting in a local downward trend, having lost value amid a significant easing of geopolitical tensions in the Middle East.
UKOILSPOT trade ideas
Oil Prices Slump as Israel-Iran Tensions Drop: Bears Eye $71Israel's targeted strike, which avoided Iran's energy facilities, is driving crude oil prices sharply lower. After closing Friday at $75 per barrel, prices opened today at $72.61 and quickly dropped to a low of $71. This has created a notable gap between today’s high and Friday’s close, which could be filled if prices rebound temporarily before resuming a potential downward trend.The recent price action has also breached a significant triangle pattern, suggesting a strong downside move.
The trend will remain bearish below $74.32, with sellers targeting $71 and potentially $69.89 per barrel.
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A Bearish Gap on the Brent Crude Oil ChartA Bearish Gap on the Brent Crude Oil Chart
As the XBR/USD chart shows, Brent crude oil prices formed a gap at the start of this week: while Friday’s session closed at 75.60, Monday’s opening price dropped below 72.60.
According to Reuters, this development is tied to the fact that Israel’s recent missile strike on Iran did not impact oil or nuclear facilities, reducing the immediate risk of escalation.
Will Brent Crude Oil Prices Continue Falling?
In terms of technical analysis for XBR/USD today:
→ The price is within a descending channel (shown in red) that has been active since early summer. A bullish breakout attempt on 7 October was unsuccessful (marked by a red arrow), and Brent crude has since dropped over 10%. Price consolidation between 17-22 October near the median of this red channel confirms its current relevance.
→ Bulls had an opportunity to show strength with a bounce (marked by a blue arrow) from Support Line 1, which forms part of an upward structure represented by blue lines. However, today’s bearish gap erased these gains.
This allows traders to consider two scenarios:
→ Bearish Scenario: After breaking below Support, Brent could continue along the red descending channel. If the channel’s median line holds as resistance, this bearish outlook may be confirmed.
→ Bullish Scenario: Today’s bearish breach of the 18 October low could prove false, leading to a potential recovery back toward the structure of three blue lines.
Ultimately, which scenario plays out will largely depend on volatile news related to geopolitical tensions, the U.S. presidential election, and economic data from major economies.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Oil prices may fall more than expected.I think Brent crude oil prices will continue to fall.
In the coming years, renewable energy could steadily reduce demand for Brent crude oil.
* What i share here is not an investment advice. Please do your own research before investing in any asset.
* Never take my personal opinions as investment advice, you may lose all your money.
How to Trade Crude Oil: Trading StrategiesHow to Trade Crude Oil: Trading Strategies
Learning how to trade crude oil requires a nuanced understanding of its fundamental aspects, instruments, and trading strategies. This comprehensive article offers insights into the critical elements that affect crude oil prices, the range of instruments available for trading, and specific strategies traders use in this market.
The Basics of Crude Oil
Crude oil, often referred to as "black gold," is a fossil fuel derived from the remains of ancient organic matter. It serves as a crucial raw material for various industries, including transportation, chemicals, and manufacturing.
Two primary types of crude oil traded on global markets are West Texas Intermediate (WTI) and Brent Crude. WTI is primarily sourced from the United States and is known for its high quality and low sulphur content. On the other hand, Brent Crude originates mainly from the North Sea and serves as an international pricing benchmark.
The Organization of the Petroleum Exporting Countries (OPEC), which includes members like Saudi Arabia, Iran, and Venezuela, plays a pivotal role in determining global oil supply. By adjusting production levels, OPEC influences crude oil prices significantly. Additionally, other countries like Russia and the United States contribute to the world's oil supply, further affecting market dynamics.
What Time Does the Oil Market Open?
Like forex markets, crude oil trading hours are nearly 24/5. They’re typically highly liquid and offer traders multiple opportunities across a given day. For example, the New York Mercantile Exchange (NYMEX) opens for trading from Sunday evening to Friday afternoon, with a brief daily trading break.
Activity is most intense during the US session, which runs from 9:00 AM to 17:00 PM EST, and the European session, from 2:00 AM to 11:00 AM EST. These periods coincide with peak market activity and are generally the most volatile, with the overlap between the US and European sessions (between 9:00 AM and 11:00 AM EST) offering the greatest volatility and trading activity.
Factors Affecting Crude Oil Trading
In oil trading, economics is a fundamental aspect that traders need to grasp to make educated decisions. Several factors drive the price of crude oil, and here are some of the most significant:
- Supply and Demand: At its core, the price of crude oil is determined by how much of it is available (supply) versus how much is wanted (demand). An oversupply can depress prices, while high demand can cause prices to spike.
- Geopolitical Events: Conflicts, wars, and diplomatic tensions in oil-producing regions can disrupt supply chains, affecting prices. For instance, sanctions on Iran or instability in Venezuela can push prices higher.
- Currency Fluctuations: Oil prices are generally quoted in US dollars. A strong dollar can make oil more expensive for countries using other currencies, thereby affecting demand.
- Seasonal Changes: During winter, demand for heating oil can rise, pushing crude oil prices up. Conversely, a mild winter might result in lower demand and prices.
- Technological Advances: Innovations in extraction methods, such as fracking, can alter the supply landscape, making it easier to extract oil and thereby affecting prices.
- OPEC Decisions: As previously mentioned, OPEC has a significant influence on oil prices. Their production quotas can tighten or flood the market, causing price swings.
- Economic Indicators: Data like unemployment rates, manufacturing output, and interest rates can indicate the health of an economy, which in turn can affect oil consumption and prices.
- Environmental Policies: Increasing regulations and policies aimed at reducing carbon emissions and promoting renewable energy sources can impact the demand and supply of crude oil, thereby influencing prices.
- Natural Disasters: Events such as hurricanes, earthquakes, and other natural disasters can disrupt oil production and supply chains, leading to fluctuations in crude oil prices.
- Global Economic Growth: The overall growth of the global economy plays a critical role in crude oil demand. Economic booms often lead to higher energy consumption, driving up oil prices, while economic slowdowns can reduce demand and lower prices.
How Is Crude Oil Traded?
When learning how to trade oil, traders have a variety of instruments to choose from.
CFDs
Contracts for Difference (CFDs) are popular instruments when trading crude. CFDs are used by traders to speculate on price movements without owning the underlying asset. Essentially, a CFD is a contract between a trader and a broker to exchange the difference in price from the point the position is opened to when it is closed. One of the key benefits is the use of leverage, which means traders can control a larger position with a smaller initial investment, amplifying both potential returns and losses.
Margin requirements vary by broker but are typically lower for CFDs on oil compared to some other instruments. This makes it appealing for crude oil day trading strategies, where traders aim to capitalise on short-term price movements. However, managing risk effectively is crucial, as the leveraged nature of CFDs can result in significant losses if the market moves against you.
At FXOpen, we offer both CFDs on WTI Crude oil and Brent Crude. Head over there to explore a world of trading tools and other assets beyond crude oil.
Futures
Futures contracts are another well-established avenue for trading crude oil. Unlike CFDs, futures are standardised agreements to buy or sell a specific quantity of oil at a predetermined price at a set date in the future. They are traded on regulated exchanges, providing an added layer of transparency and security.
Spot Market
In spot trading, one buys or sells crude oil and takes immediate delivery and ownership. Unlike futures and CFDs, there's no leverage in spot trading, making it a less risky option. However, the absence of leverage requires a higher initial investment. While retail traders often avoid spot trading due to storage and transportation challenges, it's commonly used by entities directly involved in production or consumption. This method is more straightforward but demands the logistical capabilities that individual traders usually lack.
ETFs
Exchange-traded funds (ETFs) offer an alternative for those interested in the crude oil market without dealing with futures contracts or physical ownership. Crude oil ETFs typically track the price of oil or related indices by holding futures contracts or a blend of oil company stocks. This allows investors to indirectly gain exposure to oil price movements with less complexity.
Investing in a crude oil ETF can provide a degree of diversification, as these funds may also include assets like bonds or other commodities in their portfolio. However, it's essential to be aware of the management fees and potential tracking errors in the ETF's performance compared to the actual commodity.
Stocks
Another route to gain exposure to the crude oil market is by investing in the stocks of companies involved in the industry. This includes major producers, refineries, and even transportation companies. By owning shares in these businesses, investors are indirectly influenced by crude oil prices. To use an example, a rise in oil prices often boosts the profitability of oil-producing companies, potentially leading to stock price appreciation.
Unlike trading futures or CFDs, investing in stocks means actually owning a piece of the company, often with the added benefits of dividends. However, conducting thorough research is crucial, as these stocks can be affected by company-specific risks in addition to oil price movements.
Crude Oil Trading Strategies
Given the volatile nature of crude oil prices, traders employ specific strategies to capitalise on price fluctuations. Here are some strategies that may be useful for crude oil trading:
Trend Following with Moving Averages
The trend is your friend, especially in commodities like crude oil. This is a well-known technique but it may be very useful for commodity trading. One effective way to follow the trend is by using moving averages, such as the 50-day (blue) and 200-day (orange). When the 50-day crosses above the 200-day, it's generally a bullish signal, and vice versa for a bearish trend. However, as with all technical analysis tools, moving averages can sometimes trigger false signals.
Range Trading
Due to supply-demand dynamics and geopolitical factors, crude oil prices often fluctuate within a specific range. Identifying these ranges can be useful for short-term trading. Traders buy at the lower end of the range and sell at the higher end, applying technical indicators like RSI or Stochastic Oscillator for entry and exit signals.
News-Based Trading
In crude oil markets, news about OPEC decisions, US oil inventory data, geopolitical tensions, and technological advancements can dramatically impact prices. Traders keeping an eye on oil news can take advantage of sudden announcements or an economic release likely to push prices in a particular direction. Given the high leverage commonly available in CFD trading, this strategy can be effective but also comes with significant risk.
Trade Crude Oil at FXOpen
Trade WTI and Brent Crude oil CFDs at FXOpen to take advantage of our competitive spreads, high liquidity, and lightning-fast execution speeds.
We offer four different trading platforms, MetaTrader 4, MetaTrader 5, TickTrader, and TradingView, each with desktop, web-based and mobile versions for access anytime and anywhere. Take advantage of advanced technical analysis tools, including many trading tools and expert advisors for automated trading.
Traders can rest easy knowing that FXOpen is also regulated by the FCA in the UK, CySEC in Cyprus, and is licensed to provide financial services in Australia: AFSL 412871 – ABN 61 143 678 719. Start trading oil and gas commodity CFDs with confidence at FXOpen and explore a world of trading opportunities across more than 600 markets.
To access Crude Oil markets with competitive spreads and rapid execution speeds, consider opening an FXOpen account today and step confidently into the world of crude oil trading.
The Bottom Line
In crude oil trading, having the right strategies and tools is essential. By understanding the fundamentals, market dynamics, and utilising specific trading techniques, you are now equipped with the knowledge you need to get started!
FAQ
How to Trade Brent Crude Oil?
To trade Brent Crude oil, you can use various instruments such as futures contracts, CFDs, ETFs, or stocks of oil companies. Most retail traders use CFDs, which provide a way to speculate on price movements without owning the asset. CFDs also allow for leverage, which can amplify both potential gains and losses.
What Is the Brent Oil Trading Strategy?
A common Brent oil trading strategy involves trend following using moving averages. For instance, traders use the 50-day and 200-day moving averages to identify bullish or bearish trends. Range trading and news-based trading are also popular strategies.
What Hours Does Crude Oil Trade?
Crude oil trades nearly 24/5. The New York Mercantile Exchange (NYMEX) operates from Sunday evening to Friday afternoon with a daily break. The most active trading occurs during the US session (9:00 AM to 2:30 PM EST) and the European session (6:00 AM to 11:00 AM EST).
What Is the Best Time to Trade Brent Crude Oil?
According to theory, the best time to trade Brent Crude oil is during the overlap of the US and European sessions, from 9:00 AM to 11:00 AM EST, when market liquidity and volatility are highest. However, you should consider fundamental factors as they can lead to unexpected price movements.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
BRENT Support: Awaiting Crossover for Upside ConfirmationHello,
BLACKBULL:BRENT has established support in the range of 69.914 to 68.675 and is currently on an upward trajectory. We can expect more upward movement soon, but for now, we need a crossover and a secure position above the 1W PP to confirm additional gains.
TradeWithTheTrend3344
BULLISH IDEA ON UK OILMarket structure has shifted to an uptrend. The supply zone at $75.00 was invalidated shifting market sentiment from a downtrend to an uptrend making it a mitigation zone a newly formed Bullish breaker block 1h, Price broke and closed above $75.In the lower timeframe there's a point of interest demand at 75.036 which is close to the 1bullish breaker block. Anticipating a retracement and continuation of buys from 75.036 to 77.327 as my profit target
Can oil prices hit 100 usd/bbl in 2025?🔸Based on technicals it's entirely possible. Looking at the daily price
chart of Brent Oil we can spot a sequence of lower lows having said
that prices are also compressing in a falling wedge price structure which
could indicate a swift reversal off the lows near 65 USD/bbl.
🔸Potential price targets for Brent at 100/110 USD bbl if the tensions
escalate further in 2025, which is almost guaranteed at this stage.
🔸The possibility of an Israel-Iran conflict has escalated tensions in the Middle East, which is putting upward pressure on oil prices. Although Israel has not yet officially declared war on Iran, there is ongoing speculation about Israeli strikes on Iran's oil infrastructure in response to missile attacks and Iran's support for militant groups like Hamas and Hezbollah. Such actions could significantly disrupt the global oil market.
🔸If Israel were to target major Iranian oil facilities, such as Kharg Island, which handles the majority of Iran's oil exports, global oil prices could spike dramatically. Analysts suggest prices could exceed $100 per barrel and might even reach as high as $200 if the conflict spreads to other regional oil producers or if key shipping routes like the Strait of Hormuz are disrupted. This scenario would impact not only fuel prices but also inflation globally, reviving economic fears similar to those seen during the 1970s oil crisis
🔸At the moment, oil prices have already seen increases due to the broader conflict, but the market has remained relatively stable thanks to diversified supplies from the U.S. and other non-Middle Eastern producers
🔸However, if the situation deteriorates further, particularly with attacks on critical energy infrastructure, more significant price hikes are likely.
🎁Please hit the like button and
🎁Leave a comment to support our team!
Oil and Lithium: Horizon in the Energy TransformationThe global energy market is undergoing dramatic changes, with oil and lithium playing a crucial role. As oil prices face a significant weekly drop, the extraction of lithium in oil fields, such as the Smackover Formation in the United States, offers a revolutionary opportunity for the energy industry. These developments reflect the current dilemma: the same reservoir that fueled combustion engines could now drive the transition to electric mobility.
Oil prices rose slightly on Friday in Asian trading, boosted by a drop in U.S. inventories. However, Brent and WTI futures are heading for a weekly loss of around 6%, the steepest since September, due to growing concerns about global demand. China's GDP data showed moderate growth, but the government's recent stimulus measures failed to generate the expected momentum, affecting market expectations. The strength of the U.S. dollar, coupled with concerns about higher U.S. interest rates, has put pressure on crude oil prices. In addition, geopolitical tensions in the Middle East, following Israel's response to an attack by Iran, have added a risk premium to oil prices. Traders fear that these conflicts could disrupt Iranian oil supplies, increasing volatility in an already volatile market.
At the same time, lithium extraction in oil fields is emerging as a promising solution. In the United States, the Smackover Formation has been the epicenter of research that seeks to take advantage of oil field brines, which contain lithium in large quantities. Companies such as ExxonMobil and Standard Lithium, in alliance with Equinor, are leading projects that could transform lithium production through advanced technologies such as direct lithium extraction (DLE), which would reduce the need for large evaporation ponds and increase commercial viability.
On the technical side, Brent crude oil (Ticker AT: BRENT) has been moving in a range between $95.11 and $71.47, its average trading range coinciding with the Point of Control (POC) around $82.00. At the moment the delta pressure indicators indicate a bearish pressure that coincides with an RSI at 45.69%. We have to watch the macroeconomic backdrop to see if the price of crude oil tries to test support again and returns towards the POC area or pierces in the direction of $68.46.
Although oil demand seems to be slowing down, the lithium boom and its importance for electric mobility shows an energy horizon where both resources could coexist, facilitating both traditional and future energy.
Ion Jauregui – ActivTrades Analyst
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All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
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Brent Finds Support, Caution Amid Bearish TrendHello,
BLACKBULL:BRENT appears to have found support at the 1M pivot point and is now heading toward the 1W pivot point. However, caution is warranted as the overall trend for Brent remains bearish. Currently, the price is at a neutral level from a long-term perspective.
TradeWithTheTrend3344
Will the World's Most Vital Artery Become Its Achilles' Heel?In the intricate dance of global energy markets, few factors wield as much influence as the Strait of Hormuz. This narrow waterway, often overlooked in daily discourse, stands as a silent titan, controlling the ebb and flow of 21% of the world's daily oil consumption. As geopolitical tensions simmer in the Middle East, the stability of this crucial chokepoint hangs in delicate balance, challenging us to confront a stark reality: how vulnerable is our global economy to disruptions in this single maritime passage?
The potential for conflict to spill over into the Strait of Hormuz presents a fascinating study in risk assessment and market psychology. Despite the looming threat of supply disruptions that could send oil prices soaring to unprecedented heights—some analysts project as high as $350 per barrel—the market remains surprisingly sanguine. This dichotomy between potential catastrophe and current calm invites us to explore the complex interplay of factors that shape oil prices, from geopolitical maneuvering to the subtle influence of alternative supply routes.
As we stand at this crossroads of energy security and global trade, we are challenged to think critically about the future of oil markets and international relations. The Strait of Hormuz serves not just as a geographical feature, but as a mirror reflecting our world's intricate dependencies and the delicate balance of power that underpins global stability. In contemplating its significance, we are invited to look beyond the immediate concerns of oil prices and consider broader questions of energy resilience, diplomatic strategy, and the evolving landscape of international trade in an increasingly uncertain world.
Brent Oil – Breakout and Targeting the Next ResistanceI'm watching Brent oil closely as we're approaching a key resistance level. If we break through this resistance, my target will be the next resistance level. At that point, there could be a potential short opportunity or it may be a good idea to reduce long positions to lock in profits.
Strategy: I'll be monitoring for a confirmed breakout and will adjust my position based on price action at the next resistance.
Bearish Bias on Brent crude oilThe market was on an uptrend respecting the initial Bullish breaker block at 76.0 but Price failed to break past $80.0 per barrel. An impulse move occurred yesterday due to rising tensions in the middle east. Price sliced and broke through the bullish breaker block making it a new Bearish Mitigation block. A Break of structure happened invalidating the previous bullish breaker waiting on a retracement, I anticipate continuation of sells from 75.111 to 71.564
UKOIL "BRENT" Market Money Heist Plan on Bullish Side.Hola! My Dear Robbers / Money Makers & Losers, 🤑 💰
This is our master plan to Heist UKOIL "BRENT" Market based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Long entry. Our target is Red Zone that is High risk Dangerous level, market is overbought / Consolidation / Trend Reversal / Trap at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich.
Entry : Can be taken Anywhere, What I suggest you to Place Buy Limit Orders in 15mins Timeframe Recent / Nearest Swing Low
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Warning : Fundamental Analysis news 📰 🗞️ comes against our robbery plan. our plan will be ruined smash the Stop Loss. Don't Enter the market at the news update.
Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target.
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The Inevitable Surge in Oil Prices Amid Middle East ConflictThe Inevitable Surge in Oil Prices Amid Middle East Conflict: The Iran-Israel Factor
Introduction: Oil Prices and Middle East Geopolitical Tensions
Regardless of economic trends in China, U.S. election outcomes, or broader political shifts, one critical factor dominates oil prices and inflation: the potential for a war in the Middle East that disrupts oil supply. Central banks can adjust interest rates, introduce stimulus, or employ any number of monetary policies, but they hold no sway over oil prices when conflict triggers supply shortages. This is especially true in the volatile context of current Middle East tensions, where any escalation could send oil prices soaring and inflation out of control globally.
Today, the greatest risk to oil markets is the possibility of a direct confrontation between Israel and Iran. Should Israel strike Iranian oil or power facilities, Iran has threatened to retaliate by targeting oil-producing countries in the Middle East, including Saudi Arabia. Such an attack could disrupt the region’s oil supply, triggering an energy crisis that neither central banks nor governments can manage. Inflation would skyrocket, driven by oil shortages, which affect every sector of the global economy.
Iran-Israel Conflict: The Catalyst for Oil Price Spikes
The Middle East accounts for over half of the world’s proven oil reserves, making it a vital region for global energy markets. While geopolitical instability in the region is not new, the current tensions between Israel and Iran are more volatile than ever. Israel has long considered preemptive strikes on Iran’s nuclear and energy infrastructure, particularly if Iran escalates its involvement in the ongoing conflict. A strike of this nature would reverberate throughout the oil market, with Iran vowing to retaliate by targeting oil infrastructure across the region.
In a worst-case scenario, Iran’s response could involve direct attacks on the oil facilities of major producers like Saudi Arabia, the UAE, and others. Iran’s extensive influence in the region, through various proxy forces, would allow it to disrupt oil production and transportation across multiple fronts. Any damage to Saudi oil infrastructure—already the target of previous attacks—would cause immediate supply disruptions, reducing the flow of oil to global markets and sending prices sharply higher.
If the conflict were to spread, and key oil facilities or transportation routes like the Strait of Hormuz were disrupted, the global oil market would face severe supply shortages. With over 20% of the world’s oil passing through this narrow waterway, any blockade or attack on shipping routes would exacerbate the crisis. The result: oil prices would surge, and global inflation would spiral as energy costs rise.
Central Banks Powerless in the Face of Oil-Driven Inflation
Unlike demand-driven inflation, which central banks can manage with interest rate cuts or liquidity injections, oil supply shocks driven by conflict are beyond their control. Oil is fundamental to the global economy—it powers transportation, manufacturing, and agriculture. When its price rises sharply, the cost of goods and services follows. Central banks can’t increase the supply of oil, reopen blocked shipping routes, or repair damaged oil fields.
Interest rate cuts, in this context, would do little to mitigate the inflationary pressure caused by a shortage of oil. While monetary policy can stimulate demand, it cannot resolve the basic issue of supply disruption. History has shown that inflation driven by rising oil prices is far more difficult to control than other types of inflation, as seen during the oil crises of the 1970s.
The Threat to Regional Oil Infrastructure
Iran’s threat to retaliate against Saudi Arabia and other oil producers in the region is not without precedent. In recent years, regional oil facilities have been the target of drone and missile attacks, and any future conflict would likely see a repeat of these incidents on a larger scale. The 2019 attacks on Saudi Arabia’s oil facilities cut the country’s oil output in half for a short time, demonstrating how vulnerable the region’s infrastructure is to such threats.
If oil fields or processing plants in Saudi Arabia or other key producers were damaged or taken offline, the global oil supply would be severely constrained. Oil prices would break key levels—likely shooting past $100 per barrel and higher—causing a ripple effect of inflation as energy costs skyrocket across industries. The world’s dependence on Middle Eastern oil leaves it exposed to this kind of disruption, and there is no easy solution once the supply lines are threatened.
Conclusion: A Middle East War Is the Decisive Factor for Oil Prices
In summary, no political or economic development—whether in China, the U.S., or elsewhere—can have the same immediate impact on oil prices as a major conflict in the Middle East. If Israel strikes Iran’s oil and energy facilities, and Iran retaliates by targeting other oil producers, the result would be a severe supply shock that would send oil prices soaring beyond central banks’ control. Inflation, driven by rising energy costs, would spike, and no amount of monetary policy intervention could counterbalance the disruption in supply.
In this scenario, the global economy faces the prospect of a severe energy crisis. Oil prices could reach record highs, potentially surpassing $120 per barrel, and inflation would ripple through every sector dependent on oil. Ultimately, a war in the Middle East remains the single most decisive factor that could drive oil prices up, with far-reaching consequences for the global economy. Winter is coming.
