Analysts are worried that the conflict might disrupt the supply of oil and drive prices towards $100 per barrel on the global market, as Israel commenced its attack on Iran today.
Iran is a significant producer and exporter of gas and oil. With more than 208 million barrels of known oil reserves, it is also a leading member of OPEC, the Organisation of Petroleum Exporting Countries.
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The country is endowed with more natural resources as well. These consist of coal, lead, manganese, zinc, sulphur, chrome, copper, iron ore, and natural gas. The Israel attack may have an impact on these products’ export and manufacture.
Earlier
Earlier, Opinion Nigeria reported that oil prices surged more than three percent in early Asian trade today following unconfirmed reports of explosions in Iran, Syria and Iraq.
It sparked fears of an escalation of the Middle East crisis.
West Texas Intermediate jumped 3.66 percent to $85.76 and Brent rose 3.44 percent to $90.11.
The post Analysts predict that once Israel attacks Iran, oil prices would soar to around $100 per barrel first appeared on Opinion Nigeria.
