The escalation of the conflict between Israel and Palestine has attracted the attention of oil traders to Iran and its further reaction. Analysts do not expect a sharp rise in oil prices at the moment, as hydrocarbon supplies are not yet under threat. However, the further dynamics of the market depends on the decisions of the Iranian authorities, which are a major oil producer and support the Hamas group. Moreover, the further development of hostilities may force Israel to resort to attacks on the Strait of Hormuz, which Tehran has previously tried to block. And finally, the United States may impose new sanctions on Iranian oil. The Strait of Hormuz is located between the Arabian Peninsula and the coast of Iran, connecting the Persian and Oman Gulfs. This Strait is one of the strategically important points in the world oil trade. It serves as a transit route for a third of all liquefied natural gas in the world and about 25% of total global oil consumption.
Energy experts suggest that if Iran participates in the current escalation of the conflict, an «oil scenario» is possible. While it is unlikely, however, a decrease in supply on the world market due to OPEC+ quotas still raises concerns.
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