Oil prices jumped overnight after explosions were reported near the Iranian city of Isfahan, but those gains dissipated Friday as officials sought to play down the latest escalation in Middle East tensions.
Brent crude, the global oil benchmark, was down 0.4% at $86.8 per barrel, having earlier spiked more than 3%. US crude futures slipped 0.3% to trade at $82.50, also reversing earlier gains. Israel carried out a military strike inside Iran, a US official told CNN, a move that could push the oil-rich region deeper into conflict. The Israeli military has not commented, and Iran has not identified the source of the attack.
Still, a reduction in Iranian oil exports would have a “massive” impact on the global market as China would be forced to compete with other countries for supplies, according to Richard Bronze, co-founder of data firm Energy Aspects. There are also risks to oil supply elsewhere, analysts at ANZ, a bank, noted Friday. The United States has announced that it will reinstate sanctions on Venezuela’s oil industry, which could disrupt its exports.
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