Such tensions could not only endanger Iran’s energy supply, but also the supply of the wider region.
Israel is preparing to attack Iran. After the release of such news, fuel prices have increased in the global market. It is feared that if Israel attacks Iran, the conflict could spread throughout the Middle East.
On Wednesday (May 21) morning, the price of Brent crude per barrel rose by 97 cents, or 1.5 percent, to $66.35. The price of West Texas Intermediate rose by 96 cents, or 1.06 percent, to $62.99.
The United States has received new intelligence information, which indicates that Israel is preparing to attack Iran’s nuclear facilities. Multiple US officials have reported this information.
However, it is not yet clear whether Israeli leaders have made a final decision.
ING commodity strategists said on Wednesday that such tensions could threaten not only Iran’s energy supplies but also supplies across the wider region.
Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), and a potential Israeli attack could disrupt the flow of energy from the country.
