Oil prices are on track for their most significant weekly surge in nearly two years, driven by fears that Israel may launch strikes on Iranian oil infrastructure in retaliation for a missile attack on its territory.
Rapidan Energy Group President Bob McNally explains the most significant risks currently entering the oil market.
“I do think Israel will be respectful of global concerns about an oil price shock when it conducts its retaliation. However, Israel is in a three-eyes-for-one-eye mode,” said Bob McNally, president of Rapidan Energy Group. Over the past two years, Iran’s crude output has increased by one-third to 3.3 million barrels per day on average, driven by discounted sales primarily to Chinese buyers, according to data from Bloomberg. This level is only a few hundred thousand barrels short of what the country was pumping out prior to sanctions that former U.S. president Donald Trump imposed in 2018.
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