Oil stagnates as Israel's response to Iran's attack is awaited

Closing price: Oil prices remained broadly flat on Tuesday as traders awaited Israel’s response to Iran’s attack on its soil over the weekend, which was largely foiled.

Brent barrel price BRENT Brent, or North Sea crude, is a variation of crude oil that serves as Europe’s benchmark, and is listed on the InterContinentalExchange (ICE), an exchange specializing in energy trading. It became the first international standard for determining oil prices. from the North Sea, for delivery in June yield only 0.08% there is $90.02.

Its American equivalent, the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as the benchmark for determining the price of crude oil and as the raw material for futures contracts on the Nymex (New York Mercantile Exchange). , a stock exchange specialized in energy.), for delivery in May, fell 0.05% there is $85.36.

“The market is now waiting for Israel’s response to the Iranian attack“On the night from Saturday to Sunday, as a sign of retaliation for the attack on the Iranian consulate in Damascus on April 1, which is attributed to Israel, DNB analysts comment.

For José Torres, senior economist at Interactive Brokers, “Israel’s rhetoric about Tehran’s rocket and drone attack on Saturday intensified on Tuesday as the country’s leaders said they had no choice but to retaliate“.

The analyst, however, pointed out “some reports claim that US officials believed these reprisals could be limited“.

According to him, “investors are trying to gauge the extent to which Israel’s actions are aimed at giving the country the appearance of strength rather than launching a dramatic counterattack that could escalate the conflict“.

Iranian President Ebrahim Raïssi once again warned on Tuesday that “the smallest action“Israel Vs”Iranian interests” would cause “a serious, widespread, painful response” from his country.

Therefore, the oil market seems to be patient at the moment, while the prices of the two global benchmarks remain in the red.

“The oil market’s reaction to Iran’s missile attack on Israel this weekend was surprising“, said Carsten Fritsch, Commerzbank analyst, prices that had already fallen on Monday.

“The market was clearly prepared for the attack after the warnings that preceded it“, continues the analyst.