Any retaliation against Tehran could endanger the passage of vessels through the Strait of Hormuz, a vital conduit that transports much of the world’s crude.
Oil prices surged after a shock attack on Israel by Hamas brought renewed instability to the Middle East.
“Recently crude has been prone to overreact to geopolitical events and price increases have been short-lived,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “This situation may prove to be the exception,” with the market especially sensitive to potential supply disruptions.
The conflict may have far-reaching consequences for crude. Banks had a wide range of takes on the potential impacts:
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