The Officials with Jorge Montepeque: The Market's Response to Iran's Attack on Israel | S1 E11

World of Oil Derivatives

Jorge is live from Dubai and discussing Iran's attack on Israel with locals. The attack against Israel came as no surprise. Talking to the people in Dubai, they feel Iran was very measured in their actions, going after military assets - not civilians - and the general feeling is that Israel is the wild-card.
The question on people's lips right now is: What will happen next? Prior to the attack, the oil market was within touching distance of the upper-60s and, with the news of the attack, rose to the mid-70s. While oil prices had a very strong reaction to the attack, with flat-price Brent rallying all the way up to $76/bbl, after the EIA release, there was a bearish response in price action, but geopolitics are still in the driver's seat, with Brent settling into the mid-70s.
Jorge, Will and Edward weigh in on the events in the Middle East, weak economic data and what two of the most important straits to move oil in the world coming under threat of closure, will mean for the oil market.
This episode was recorded at 4pm BST on 3rd October, 2024.
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