Oil jumps in the midst of political tension and greater concerns about supplies

Oil prices jumped at the beginning of the week after Israel and Iran continued to launch mutual attacks during the weekend, causing the fear that the escalation would disrupt crude supplies from the Middle East. Brent ruol increased by up to 5.5% before reducing part of its profits, trading over $ 76 a barrel, while the West Texas Cross is the $ 75 mediator. Israel launched an attack on the large “South Pars” gas field, which forced the closure of a production platform, to previous strikes that made the Iranian core places and military leaders over the past week. The increase in tension has led to the confusion of financial markets, as oil increased by more than 13% on Friday before it reduced some of these profits, at a time when investors tend to the assets of safe haven such as gold. Iran also canceled core talks planned with the United States in the Sultanate of Oman, after the Israeli attacks. The semi -official “Tasnim” agency reported that the Israeli strike on the field on Saturday caused a strong explosion and fire in a gas processing factory. Iranian gas is mainly used for local use and is not widely exported, as the field offers nearly two -thirds of the country’s supplies, despite the production and export of capacitors. The closure of the “street of hormuz” is the biggest concern in the market, while the attack on gas production infrastructure in Iran is concerned, and the biggest concern of the oil market is focused on the “street of hormuz”. Middle East producers send about one fifth of the global daily production over the narrow waterway, and prices can rise more than Tehran tries to close the sea streets. “The possible closure of the street of hormuz by Iran remains the most important engine engine event to be monitored, which can push the oil markets to an unprecedented area.” He added: “There is no evidence yet that such a scenario is possible.” Nevertheless, widespread market standards indicate a state of panic over the risks of immediate offer, as well as the fear of long -term conflict in the Middle East. The difference between the two nearest decades of ‘Brent’ rough for December, a large indication of long -term balances, jumped up to $ 1.29 a barrel to $ 3.48. The options markets also issue warning signals, as deviations are still in favor of the upcoming purchase contracts during the Asian trade session, while the volatility levels remain high. Trading sizes were also much higher than usual.