Oil prices climbed by more than 4% in Monday trading, as traders assessed implications for crude supplies after a surprise, deadly attack by Hamas on Israel over the weekend.
“Crude production in Israel and Gaza is essentially zero,” he said. “Demand for refined products in the immediate region is not enough to shift global market conditions.” Some analysts have put Iranian crude production at more than 3 million barrels a day and exports above 2 million barrels a day — the highest levels since the Trump administration pulled the U.S. out of the Iranian nuclear accord in 2018, according to The Wall Street Journal. Sales fell to around 400,000 barrels a day in 2020 as the U.S. reimposed sanctions.
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