Lower Iranian exports would lead to a further rise in oil prices and the cost of gasoline in the U.S., a politically sensitive subject ahead of the elections
Oil prices are expected to rise on Monday after Iran ’s attack on Israel over the weekend, analysts said on Sunday, but further gains may depend on how Israel and the West choose to retaliate.
It settled that day up 71 cents at $90.45, while U.S. West Texas Intermediate crude futures rose 64 cents to $85.66. Trading is closed on Sunday. U.S. President Joe Biden said he would convene a meeting of leaders of the Group of Seven major economies on Sunday to coordinate a diplomatic response to the Iranian attack.
Iran has steeply raised oil exports - its main sources of revenue - under the Joe Biden administration. Exports were severely reduced under Biden’s predecessor Donald Trump, who will face Biden in a presidential election rematch in November.
Israel Biden Attack Iran Response Oil Strait Strait Of Hormuz IRNA UBS
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