Oil Prices Soar Amid Middle East Tensions
After months of calm, oil prices have finally found a driver: war. The prices of black gold have continued their rapid ascent, initiated yesterday, amidst persistent geopolitical tensions in the Middle East and fears that the current conflict could escalate in the coming days. Brent oil futures contracts have reached $75.14 per barrel (December 2024 delivery) compared to $69.19 on September 10th.
Iran has indeed launched over 180 ballistic missiles at the Hebrew state yesterday, in response to Israeli attacks on Lebanon. These actions have supported oil prices, as Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and one of the region's major producers.
In response to these events, Tel Aviv has not hesitated to announce that Iran will pay for its attack, and the United States has aligned itself with Israel's position, while Tehran has retorted that any response would result in "generalized destruction," sparking concerns about a wider war.
Meanwhile, an OPEC+ ministerial committee will meet later in the day to examine the market situation, with no policy changes expected. OPEC+ is expected to increase its production by 180,000 barrels per day (bpd) starting in December.
The current trend is very bad news for oil-importing countries like Tunisia. This is the kind of external shock we often talk about, capable of threatening fragile budget balances. To be closely monitored, as the repercussions on our daily lives are direct.
