The missile barrage from Iran has heightened fears over global oil supplies, pushing Brent crude prices up to nearly $76 a barrel amid concerns of a conflict escalation.
Despite fears rising due to the ongoing conflict between Israel and Iran, other factors such as weak Chinese demand and increased production in the U.S. are currently balancing the market.
Iran's ability to produce approximately two million barrels a day makes it a significant player in the oil market, but international sanctions restrict its full production potential.
Any substantial disruption of Iranian oil supply would particularly impact China, as the country may struggle to source alternative supplies, consequently pushing up global oil prices.
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