Amidst rising tensions between Israel, the US, and Iran, the latter engaged in a provocative yet strategic attack on a US military base in Qatar, a move interpreted by markets as de-escalation. While Iran's economy relies heavily on oil exports, especially to China, controversial sanctions have not fully restricted its oil trade. Iran remains a significant player in the global oil market and possesses the power to disrupt based on blockades in the Strait of Hormuz, raising questions about the long-term implications of its actions on global economic stability.
For a few days, the world held its breath. It seems the conflict between Israel, the US and Iran is not going to escalate any further, at least for now.
Iran opted to save face by launching an attack on a US military base in Qatar, which the stock market interpreted as a de-escalatory gesture.
According to the EIA, Iran was the fourth-largest producer of crude oil among the OPEC countries in 2023, and in 2022 it was the world's third-largest producer of dry gas.
Despite sanctions, Iran has managed to export oil, with China taking almost 90% of the oil exported by Iran in 2023, generating over 35 billion dollars.
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