Oil prices are retreating on signs the Hamas-Israel conflict may not expand to Iran.
Crude futures fell more than 2% following a hotter than expected Producer Price inflation print and signs that a conflict between Israel and Hamas may not extend to other countries, namely Iran.said US intelligence shows Iranian leaders were surprised by the Hamas attack in Israel, implying further sanctions from the West against Tehran or targeting against the Islamic country is unlikely.
"There has been no immediate impact on current global oil production, but the market notes is that supply could be disrupted if the US were strictly to enforce restrictions on Iranian oil exports or if disruptions spread to the Strait of Hormuz," said the note. "If Iran simply stopped exporting oil, I think the loss of 2 million barrels per day on the oil market would increase prices $10 to $14 per barrel," he said. "If missiles were flying and destroyed Iranian oil facilities, the increase would be much higher as the market would think the next step is the closure of the Strait of Hormuz."In this image provided by the Iranian Revolutionary Guard via Tasnim News agency on Sunday, Aug.
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