Since Iran's most recent strikes, oil prices have spiked sharply. Brent crude rose 17% in a week to $81.16, although prices have eased again after the Iran-backed Hezbollah militia signaled a readiness for a cease-fire in its conflict with Israel across the Lebanese border.
To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video. If Israel were to damage Iran's most critical oil assets, it could remove nearly 2 million barrels per day from the global oil market, leading some traders to speculate about a return to three-digit oil prices.
Netanyahu is under intense pressure from some senior Israeli officials, including former Prime Minister Yair Lapid, to strike Iran's 'most painful target,' while US President Joe Biden has called for calm, saying October 4 he would think about alternatives to striking Iranian oil fields if he were in Israel’s shoes.
Bjarne Schieldrop, chief commodities analyst at Swedish bank SEB, told US broadcaster CNBC last week, 'If you [Israel] take out oil installations in Iran, easily you [oil prices] could go to $200 plus.'
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